No doubt you’ll be familiar with contactless payments as the term is now widely used and it's fast becoming most peoples preferred way to pay. In fact, it’s been causing such a buzz that the Oxford Dictionary even named it as one of its words of the year at the end of 2014!
In 2015 the payment method continued to go from strength to strength regularly making the headlines Below we’ve outlined some of the new technologies and news stories that come out of 2015.
This little payment method now accounts for 10% of all payments and has increased by 164% in the last year which is a massive amount! The experts at Barclaycard expect contactless to break new records in 2016 too.
Spending limit increases
In September 2015 the contactless spending limit increased from £20 to £30 for consumers so all fans of the ‘tap and go’ contactless payment were overjoyed, further boosting the convenience and popularity of contactless.
Making contactless fashionable
In 2015 designer Henry Holland collaborated with Visa to make contactless trendy and include contactless technology in one of his collections for London Fashion Week. Now that this payment method is being noticed by the fashion sector who knows where it could go. The designer embedded NFC technology into rings with £500 credit loaded into them. The rings allowed customers, who were at his show, to purchase goods by simply tapping the ring onto brochures of the models and purchase what that model was wearing.
Contactless making travelling even easier
TFL adopted using contactless as a method of payment in 2014 and due to its success decided to roll the payment method out to all its travel services. It is the preferred method of payment with London commuters and now makes up 70% of all contactless payments. From the success in London, other public transport companies are keen to take up contactless as a payment method on their services.
Are you aware that MonitorIT’s transaction management solutions use contactless technology? The solution lets the user buy a coffee, a chocolate bar, art supplies, pay fees, for print and copy, for sports membership, lets them do their washing and much more all with a simple tap of a user’s ID card.
All contactless spending is managed on one platform that can be accessed easily online, on a mobile app or at a self-service kiosk. But the benefits to our contactless payments don’t end there, because if the user’s ID card is lost or stolen the funds are safe as the ID card is not a prepaid card. This is an added benefit you don’t get with a debit, credit or another prepaid contactless card.
MonitorIT’s transaction management solution doesn’t just include using an ID card to pay for purchases but can be used for other services such as attendance and engagement monitoring, access control, transport fees, memberships, booking and reservations and more.
Contactless has become the new king of payments so it might be time to embrace this technology and adopt a cashless campus with MonitorIT’s transaction management solution.
If you’d like to learn more about how we can take you into the contactless world click here
to watch our short video or contact us on 01494 565 065 or email the team at firstname.lastname@example.org