Consumers concerned about contactless security

The data comes as the contactless limit rises to £100 today (September 15).

Data from Worldpay shows that convenience of contactless payments outweighs security concerns as contactless payments have increased over the past year despite 59% of consumers having reservations regarding safety and fraud. This figure rises to 61% for mobile contactless payments.

The research found that 75% of UK consumers find it easier to use contactless payments, and during the pandemic, almost three quarters of those aged 65 and over have turned to contactless payments.

Some 22% of UK consumers still don’t have a contactless card.

General manager EMEA at Worldpay, Peter Wickes, said: “For technology adoption to be successful, there has to be trust and consumers need to feel empowered. As the UK contactless limit increases this week, it’s imperative that the industry comes together to reassure and educate shoppers about contactless payment security. The data shows that contactless is one of the safest ways to pay. Contactless fraud accounted for just 2.9 percent of overall card fraud in 2020, a decrease on the previous year, despite the rise in contactless limit.”

Analysis by Worldpay showed that last year’s £45 limit increase led to a 17% increase in the transaction value of UK contactless payments.