CCR Magazine

You are here  :Home arrow News arrow Chip and pin cards remain consumers’ first choice for payments
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Chip and pin cards remain consumers’ first choice for payments PDF Print E-mail
Wednesday, 21 March 2018
Online research from Equifax, the consumer and business insights expert, shows that using a debit or credit card with a pin number is still the preferred method of payment for 42% of people in the UK. Contactless methods followed at 34%, with the vast majority of these respondents (31%) preferring a contactless card to using their phone or wearable technology (3%). 

The survey, conducted with Gorkana, also highlighted that the majority of consumers (66%) are happy with the current £30 contactless payment limit and only 16% think it should be increased. Of the people keen to see a higher limit, 13% would like to see it increased by a maximum of £10, and 39% would like the limit to be set between £40 and £50.

When asked why they would use contactless rather than cash, 34% see the speed of the transaction as the main advantage and 21% said it’s more convenient than making a trip to a cash point. Only 16% of people feel that contactless payments are more secure than carrying cash.

The research found that 45% of consumers withdraw cash just once a month or less, yet 28% of people surveyed said they would never choose contactless payments over cash. Despite the rising popularity of using wearable technology like watches to make payments, 36% of Brits don’t expect this payment method will ever overtake cards.

Sarah Lewis, Head of ID and Fraud UK at Equifax, said: “The rise in popularity of contactless and wearable payment methods is a hot topic right now but our research shows that retailers and service providers are going to have to accept a variety of payment types for some time to come. Many consumers have been early adopters of contactless and wearable payments, and really value the convenience of these options, but others remain wary and prefer the more traditional means.

“Contactless payment is not without its risks and these results show that consumers are well aware of this. There has been talk about increasing the contactless payment limit but this would simply increase the incentive for criminals to steal contactless cards, resulting in higher levels of related fraudulent activity. Contactless and wearable payments will continue to grow in popularity, but the financial services industry has a lot of work to do to make customers completely comfortable with these options.”
 

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197