In recent years NFC (Near Field Communication) technology has been developed and improved to the point where it has greatly enhanced the way in which we transfer data from one enabled device to another.
Numerous corporations have embraced the contactless payment option – Transport for London (TFL) in particular. TFL have given customers the ability to use their contactless payment cards to travel on the tube, buses, trams, DLR (Docklands Light Railway) and London Overground routes. Most major credit and debits cards are accepted and customers do also have the choice to use their Oyster card to travel on TFL transportation. This secure and efficient payment method has enabled TFL to become the fasted growing contactless merchant in Europe.
Contactless credit and debit cards were first introduced into the UK in 2007 where initial use was slow due to the lack of contactless terminals within stores. Since then the number of consumers using a contactless card has soared. In fact contactless card spend within the UK has more than tripled – from a £653m spend in 2013 to £2.32bn in 2014. Surveys suggest that almost one in three consumers are currently completing their transactions the contactless way.When the contactless payment method was announced in 2007 the limit on transactions was a mere £10. This has since increased to £20 and again to £30 where the limit is currently set. This only strengthens the display of confidence the industry has on this secure and contemporary technique in finalising transactions.
So much assurance in fact that from January 1st 2016 all new deployments of card machines will be contactless/NFC enabled. Contactless card machines will become the industry standard within the UK thus replacing all existing non NFC enabled POS terminals.
In July 2015 Apple Pay is due to be launched within the UK. This revolutionary payment method allows the consumer to complete purchases at the checkouts via their NFC supported mobile device and a contactless card terminal.
Are you ready for the transformation?
Prepare for the changeover on January 1st 2016 and future-proof your business today by ordering your contactless card terminal from Chip & PIN Solutions. All of our card terminals are secure, safe and offer fast and efficient transactions. Plus our devices are pre-configured in-house, therefore all you need to do once you’ve received your machine is plug it in and turn it on. It’s that simple.
June 24, 2015