Popularity Of Contactless Payments Set To Grow In 2015

Contactless payments are set to become a more popular method of forking out money from your bank account, according to the latest research on the matter.

A survey conducted by The Logic Group found that 54 per cent of respondents wanted to be able to pay for goods with their smartphone, with one in five interested in making payments via a smartwatch, or indeed a social media account.

There are, naturally enough, still security concerns when it comes to new payment methods. 51 per cent of respondents said security was more important than any other factor, and two-thirds admitted they were worried about having their financial details stolen because they were using new payment tech.

As for Christmas shopping in 2014, that was very much an ‘omnichannel’ affair, i.e. shoppers used bricks-and-mortar stores, online shopping, and click-and-collect to purchase gifts. Online shopping was valued by 42 per cent of respondents because it allowed easy price comparisons, and 40 per cent said it made shopping quicker. When it came to in-store shopping, 41 per cent said they liked the fact that they could handle and examine items, and that in general it made for a more pleasant shopping experience.

The survey also found that for online shopping, 35 to 44 year-olds did most of theirs on tablets, phones and smart TVs, whereas desktops and laptop PCs were used by the majority of those over 45.

Nick Stacey, Director of Business and Market Operations at The Logic Group, commented: “British consumers are eager to have a quick, convenient and secure shopping experience – at the click of a button, in-store or on-the-move. Retailers who have rolled-out omnichannel customer interactions in 2014 are coming out ahead of the rest. 2015 will be a crucial year for retailers to truly utilise multiple shopping channels and offer secure payments in order to enhance consumer confidence and overall profitability.”