Last month, the contactless payments threshold rose from £15 to £20, meaning that 45% of retail chip-and-pin payments now fall under this threshold, according to Retail Week.
It is in retailers’ interests to promote this form of payment, says Simon-Kucher & Partners director Ben Snowman. The global consulting firm found in a recent study that there is a time savings of about 15 seconds per sale – about 12 seconds for a contactless transaction versus 27 seconds for a chip-and-pin payment.
Now that nearly half of their retail card of card transactions is eligible, migration of chip-and-pin payments to contactless must be taken seriously. Retailers must train staff to help customers use it, which will lead to increased satisfaction and reduced queue times.
Snowman adds, The first true test will be during the Olympics when contactless terminals are being widely deployed.
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