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Contactless limit rises - Comment from ShopKeep PDF Print E-mail
Tuesday, 01 September 2015

ShopKeep, a leading provider of iPad PoS systems used by 18,000 merchants in the US, comments on today’s rise in the limit for contactless transactions from £20 to £30

Jason Richelson, CEO, ShopKeep, says:

"The introduction of contactless payments has had a huge impact on consumer habits and the rise of the spending limit to £30 is only going to speed this up. This is also backed up by research from the UK Cards Association, which stated that average transaction values (ATV) in Q2 of 2015 has fallen to the lowest level since 2003. The reason? People are making more small value card purchases than ever. Alongside this, cash transactions are on the decline, now accounting for less than 50% of overall payments. Plastic is surpassing paper.

"This will only become more prevalent and SMEs have to adapt. Consumers want to make purchasers quickly, easily and securely and are looking towards contactless payments. This should be viewed as an opportunity for small businesses, not a hinderance. There are often hidden costs associated with handling cash transactions, such as the time it takes to count, handle and deliver to the bank.

"While adopting the very latest electronic payment systems might have been seen as a luxury, recent developments have rendered them not only a valuable tool for all customer facing businesses, but integral to the success of the forward-thinking SME.

"It’s crucial that small business owners have a strategy in place that will allow them to effectively adapt to this change in spending habits. If this is not done, SMEs will find themselves struggling to keep up with changing consumer habits and left behind. Contactless is here to stay."

(Source - ShopKeep Comment)  

 

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