Thursday, June 20th, 2019
A recent survey reveals some doubts concerning the idea that contactless cards will result in more mobile payments. In today’s increasingly digital world, where can you find reliable payment-processing services to grow your business? This article is here to help you with all these.
The Use of Digital and Physical Money in the UK
According to UK Finance, the industry association for banks and payment providers, cash is going to further fall. Let’s look at some stats:
- The number of LINK (the UK’s cash-machine network and the world’s busiest ATM- transaction switch) ATM-cash withdrawals in 2018 dropped 5% from 2017.
- The overall value of cash withdrawn dropped by 3.5%.
- The use of contactless cards in the UK rose 99% in 2017, thus making up 4.3 billion payments.
Some argue that the surge in the use of physical cards at checkout is going to make people feel more comfortable about tapping their phones. Interestingly, according to Auriemma Research, contactless cards may make some mobile-friendly consumers start using physical payments again.
As you know, the operation of mobile payments and contactless cards is based on near-field communication (NFC) technology. However, the adoption of mobile payments is staying behind contactless cards. The users of mobile payments are even more willing to tap their cards because of their experience with their phones.
By the way, did you know that New York, which is known as the greatest city in the world, is staying behind in terms of new technology adoption? However, the reality about tap and pay for transit in NY changed on May 31.
Contactless Cards Vs Mobile Payments
The number of contactless-based transactions increased by 31% in 2018 as compared with 2017, as UK Finance reported. The rise was partly conditioned by the adoption of the mentioned technology on public transport and by the increased number of retailers. Let’s cast a look at some numbers:
- In 2018, nearly 6.3 billion payments were made via contactless debit cards, thus accounting for 29% growth as compared with 2017.
- The completed purchases made up a total of £58bn.
- The use of contactless on credit cards grew even more, thus accounting for 44% more purchases in 2018 as compared with 2017.
- In 2018, credit-card payments on contactless accounted for 1.1 billion and were valued at approximately £11bn.
With all this in mind, you, as a merchant in the UK, can’t do without a reliable payment-processing company that can help you take your business to the next level with ease. To find one, just consider turning to a respectable payment-processing comparison company like Best Payment Providers in the UK.
Best Payment Providers is dedicated to helping merchants find the right merchant-services provider in the country. So, Best Payment Providers can help you with contactless cards and any other payment-processing services you need.
To sum up, today’s payments market is moving from cash to checks, from cards to payments completed online or via mobile devices. Work with a true payment expert to accept card payments online. Otherwise, you won’t be able to maintain or grow your customer base.