Taking aim at cash transactions for less than £10 – a market in the UK estimated at 20 billion transactions a year – the transaction management company The Logic Group has introduced a new contactless payments solution. The product is designed to enable retailers to introduce contactless card payment that offer more convenience, security and speed than cash, while offering more flexibility to retailers than current bank-sponsored options.
Previously, major retailers wanting to offer contactless acceptance have mostly had to use bank-owned terminals. While an effective use of the core technology, such systems have not always been an appealing option for upper-tier retailers. The Logic Group believes the availability of this new product will help to accelerate rapid uptake in tier 1 and tier 2 retailers where a significant number of sub £10 basket size sales occur.
Among the added benefits to cashless transactions The Logic Group points to are a tendency for consumers to make larger impulse purchases when not restricted to the cash in their pockets, and the marketing advantages which come with reducing the anonymity inherent in cash transactions.