Long gone are the days of the chip and pin.
With contactless facilitating payments it has proven to be a win-win situation for both clients and businesses by reducing transaction times and queues. Contactless payment is now in operation across the nation at 400,000+ locations. But the question that remains is, are we now spending more as a result?
The UK cards association revealed that a vast £9.27bn was spent using contactless payment methods in the first half of 2016, surpassing the whole of 2015. What’s more, Barclays’ ‘Contactless Spending Index’ indicates contactless has multiplied 2.7times in 2016 with an accelerated rise of 173% by value and 112% by volume.
Understanding consumer behaviour and learning what consumers want holds importance for any business. This comes as no surprise. Marketing research and common buying behaviour dictates we are positively influenced to buy more when things are made easier for us. After all, consumers always want the easiest option.
Conclusive proof that once things are made more convenient people will undoubtedly be more inclined to buy more.