Switch to contactless payments 'will take years' - Credit cards - News - Moneyfacts

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Switch to contactless payments 'will take years'

Switch to contactless payments 'will take years'

Category: Credit cards

Updated: 15/01/2009
First Published: 14/01/2009

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 It is now over 6 months old so the content may be out of date.
Consumers in the UK are unlikely to switch from using credit cards to contactless payment options in the near future, it has been suggested.

The system is being introduced by Barcalycard, allowing customers of the bank to wave debit cards over a special reader to pay for purchases of £10 or less.

But external affairs director at Equifax Neil Munroe noted that the technology will not be widely adopted until consumers are assured that it is safe.

And although advancements are likely to be made and the system may become widespread, this will not be for "a few years".

"It will continue to be online banking and card use for the majority of users for a reasonable period of time going forward," said Mr Munroe.

UK payments association Apacs recently revealed that the number of credit cards being used dropped by 3.2 per cent in 2007, although 64 per cent of adults hold this form of finance.

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 Any products featured may be withdrawn by their provider or changed at any time.

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