Over-50s jump on the contactless bandwagon - Banking - News - Moneyfacts

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Over-50s jump on the contactless bandwagon

Over-50s jump on the contactless bandwagon

Category: Banking

Updated: 03/11/2015
First Published: 03/11/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

It's often thought that new technology is most easily absorbed by the young, but in the case of contactless payments, this is far from the truth. In fact, research by Saga has found that many consumers aged 50 or over are making the most of faster, easier payments.

Faster payments

Contactless cards are debit, credit or prepaid cards that forgo the need to enter in a PIN number or dig in your pocket for cash. Instead, you can simply swipe your card over a card reader and a payment is made. More and more shops, cafes and other outlets are accepting contactless payments, and the payment limit has now increased to £30.

Essentially, contactless cards make paying at the till quicker, and it seems that those aged over 50 are well aware of the advantages: in the survey, one in five respondents aged 50 or over use a contactless card up to three times a week. Typical spends included groceries (29%), restaurant or cafe meals (21%) and coffee and cake in coffee shops (16%).

When asked their reasons for adopting contactless payments, 31% of respondents said that they liked not having to carry cash all the time, while 24% liked not having to remember their PIN. As a result, 27% of those questioned said that they thought they should be able to use their contactless card in every shop and restaurant they go to.

However, there are still some concerns: seven in 10 people in the survey admitted that they still worry about how secure contactless payments are, despite them having the same protection as ordinary debit and credit cards. It's also important not to get too swipe-happy – not having to enter a PIN number or pay with cash can make it easy to lose track of your spending, which could give you a nasty surprise. To ensure your account stays safe, and to keep track of your spending, make sure you regularly check your bank statement and credit card balance. That way, you can be sure that your spending is legitimate and under control.

Jump on

Have you tried making a contactless payment yet? If not, it may be time to give it a go! If you are keen to give it a try, contact your bank or credit card provider and find out if they are issuing contactless cards. If not, it may be time to shop around so you don't miss out. Check out our current account best buys and our top credit cards to see if you can get a better deal along with a contactless card, and you could soon be enjoying the ease of faster, simpler payment.

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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