Contactless Payments Rise: Back-to-School Purchases
There has been an unprecedented increase in sports apparel. Credit purchases have grown by 74% and debit purchases by 63% YoY (year over year). Let’s discuss the rise in touchless payment processing and see how PinWheel can be the best helping hand when it comes to exceptional merchant services.
Contactless Payment Are On the Rise
The first seven months of 2021 witnessed 60% contactless debit/credit card transactions in the UK. These made up 6.6 billion payments with a value of £81bn. Now, each contactless card can be used for a spending limit of £100, which was £45 previously. However, the new rule doesn’t work in all stores.
According to the Financial Conduct Authority, the threshold for touchless payment processing regarding multiple transactions will rise from £130 to £300 at the same time.
The spending limit of 100 pounds will make it possible to pay for higher value transactions, as chief executive officer of UK Finance David Postings notes. Banks in the UK started using tap-to-pay technology early. 88% of debit and 81% of credit card transactions in the country now offer contactless features.
Increasingly, more and more consumers are going for touchless payments, and the number of contactless transactions is growing rapidly, especially after COVID-19.
Contactless Payments in the UK
According to a recent poll on YouGov.co.uk, 1/2 of Britons are for the rise of contactless payment limits to £100. Almost 1/5 of the polled group strongly convinced in the increase: they make up 17%. On the other hand, over 2/5 or 42% oppose the mentioned rise.
Are you seeking fast and easy access to the latest and cheapest payment-processing services? No need to worry. You can work with a payment expert like Pinwheel Pay to keep up with the competition in the field. PinWheel Pay is a respectable Bitcoin payment-gateway provider that boasts a 5-star rating with Best Payment Providers.
Contactless Payments Increase, Resulting in a Rise of Back-to-School Purchases
The UK has raised the limit for contactless payments: now, it’s £100. As a result, people can pay for higher-value transactions. The rise of touchless limits allows consumers to pay more safely and securely.
Author Bio: Content crafter Alex Wilmont has been active in the payments industry for over 15 years. He lives simply, gives generously and loves his 2 dogs. His mission is to enhance and innovate the fintech industry for years to come.