Borrowers ‘set to benefit’ from contactless payments

Contactless payment technology is set to benefit consumers, it has been revealed.

A representative from Apacs, the UK payments association, noted that a trial being launched by Mastercard in Boots stores will prove to be a useful method of paying for goods.

“We are already seeing a dominance in plastic card spending and this is just another way in which it might encourage people to use their plastic cards,” she said.

The technology allows customers to carry out transactions over £10 or under at ‘tap and go’ terminals without entering a Pin number.

However, borrowers may wish to take care that they are not building up too much credit card debt by using the service.

The Apacs spokesperson predicted that contactless payments will eventually replace cash as a means for buying everyday goods.

Recent figures from the organisation revealed that 24 per cent of transactions over £50 are completed by debit card, compared to 21 per cent for cash.

By Jamie Price