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20/07/2010 -
A new trend in the UK could mean big changes for point-of-sale terminals worldwide.Currently, over 9.6 million contactless-capable cards have been issued in the UK, according to the UK Cards Association. Instead of requiring users to type in a PIN number for purchases under £15, the cards are merely flashed in front of a reader.
Writing for UTalkMarketing.com, Stuart Neal, head of UK payment acceptance at Barclays, said that businesses such as EAT and Pret a Manger, which have invested in the technology, are reaping the benefits - customers do not need cash for small transactions, speeding up sales.
Since September 2007, Barclays has issued over 8 million contactless cards, Neal says, with 61 percent of users preferring them to cash.
Earlier this year, the UK Payment Council estimated that in just five years, cash payments will make up less than 50 percent of transactions. Currently, six in ten transactions are made with cash, but they are generally small purchases - with nearly 80 percent of them being for less than £10.
