British consumers are ever more aware of the risks of fraud, particularly when it comes to contactless cards. Equifax’s online survey conducted in collaboration with Gorkana found that only 16% of UK consumers believe contactless payments are more secure than Money in physical form such as banknotes and coins. More. In fact, the majority of respondents are quite happy with the current spending limit of £30 (66%) and less than a fifth of them think it would be wise to raise it.
The findings of the survey only strengthen the argument in favor of A transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More diversity, proving that consumers are indeed satisfied with the freedom to choose how to pay when they like. Almost a third of respondents stated that they will always choose cash over contactless cards and that, regardless of the convenience of certain tools, like wearable technologies, they don’t think they will ever outpace credit or debit cards (36%).
The bottom line for British retailers is that they will have to continue to adopt new payment options while maintaining existing ones if they want to satisfy customers from all horizons.