Shoppers can now buy goods costing up to £30 using contactless credit and debit cards, as the single payment limit has increased from £20 per transaction.
I Contactless payments were first introduced in the UK in 2007 as a convenient alternative to paying in cash for low-value transactions. It began with a £10 transaction limit, which increased to £15 in 2010, and to £20 in 2012.
I This use of contactless technology has seen rapid growth over the past few years, and has become accepted in a variety of places including supermarkets, restaurants and on public transport. The increase also comes after technology giant Apple allowed users of its latest devices to make contactless payments, with this new payment process set to revolutionise the way consumers and business owners interact in-store, by eliminating the need to hand over cash or an actual bank card.
I The increase in the payment limit comes from The UK Cards Association, the trade body for the card payments industry, who noted in February 2015 that an increase would be necessary so that the average supermarket spend of £25 could now be covered. However not all retailers will offer the new limit straight away, as payment terminals must be updated for the new limit to apply, to accept the more costly transactions.
I Stuart Griffiths, CEO of True Telecom commented, “The newly introduced £30 limit will give customers more opportunities to pay with contactless cards for their everyday purchases. Here at True Telecom welcome this new technology in business. In the grand scheme of things; this could mean that SME’s get more customers through their door, more sales and ultimately more profits.”
In July 2015, True Telecom launched their own brand of payment terminals, with aims to give SME’s up and down the country the ability to effectively manage and process card transactions. Offering a selection of card payment machines for different business needs; Countertop, Portable and Mobile, all True Payment Terminals include built-in Contactless technology to reduce customer waiting time, creating a simpler and more flexible way for business owners to take payments anywhere around their business.
