7th September 2020

COVID-19 and the rise of contactless payments

Summary

Now that lockdown measures have been eased and more retailers are opening their doors, the rise in contactless payment as the preferred payment method has increased tenfold.

Apple Pay has seen a 48% increase year on year with approximately 441 million users worldwide.

Sian Webster Head of Marketing

In 2005 businesses started to introduce chip and pin payments and thanks to advancements in technology just two years later, in 2007, contactless was born.

According to squareup.com, “the amount spent by shoppers using contactless soared by 164% in 2016.” In fact, “16.4 billion purchases were made by card in 2016 alone.”

Giving consumers the ability to purchase goods and services with a simple tap of a bank card onto a reader completely changed the whole buyer experience. Despite the fact that there was a limit of £30 per transaction, contactless payments continued to rise, replacing cash transactions and ultimately streamlining the customer journey. Although, in 2016 this saw the overall average card transaction value hit a fifteen-year low at £43.47.

Fast forward to present day and the way customers pay for products and services has vastly changed. With contactless payment being the preferred payment method, for sanitary reasons, and the increase to £45 per transaction, even more people are opting for this method. However, it poses a great security risk to many – what happens if you lose your card and someone happens to stumble upon it?

What if we told you, you don’t even need to take your card out with you? That’s right, Apple Pay and Google Pay both offer greater flexibility and security to keep your mind at ease. A safer way to pay, and just as simple as using your physical card.

Better yet, both can be used to make in store and in app payments with no purchase limits. Keeping your credit and debit cards all in one secure place. This even includes tickets, boarding passes, loyalty, gift cards and more. All the while, you still get the same perks and protections from your bank… cashless made effortless.

With Apple Pay you can make purchases on any device, whether that be an iPhone, iPad or Apple Watch. Using Face ID or Touch ID for ultimate security so you don’t have to remember long winded passwords or secret questions.

Choose the safer way to pay with Google Pay and Apple Pay.

Looking for a new phone? Contact our team today for more details on business mobile phones.

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