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Contactless technology 'speeds up transactions'
9 Jul 2012

This is according to Ben Snowman, director at global pricing, strategy and marketing consultants Simon-Kucher & Partners.

Research by his firm reveals that paying by contactless technology cuts around 15 seconds off each sale.

Simon-Kucher & Partners found that it takes 12 seconds for a contactless transaction, but 27 seconds for a chip-and-pin payment.

The contactless payments threshold has increased from £15 to £20, which means that 45 per cent of retail chip-and-pin payments can now be made in this way, according to Retail Week.

"Contactless payments have always been seen as a cash alternative. Now that 45 per cent of card transactions are eligible, migration of chip-and-pin payments to contactless must be taken seriously," said Mr Snowman.

Last month, the Swindon Advertiser reported that two schools in the town had joined the cashless catering revolution.

Both Nova Hreod School in Moredon and North Swindon's Isambard Community School adopted biometric readers that allow pupils to pay for their lunch using their fingertip.