Contactless payments in the UK are rocketing, with 226% more contactless transactions compared to this time last year. This is yet further evidence of the trend in consumer preferences in payment methods, as retailers and the financial services industry wake up to the reality of the growing number of consumers looking to transact with contactless. Consumers want convenience and contactless payment technology for both card and mobile transactions provides the ultimate consumer experience. The big issue with contactless remains the fear of fraud, and for this reason low transaction limits prevail. The Holy Grail for consumers and merchants alike is convenience with security and not convenience versus security. However, there is no reason why contactless technology cannot be combined with emerging invisible security technologies to address the fraud issue, thereby enabling contactless capability for all card and mobile transaction regardless of transaction value.
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