Recent figures from UK Finance[1] revealed that contactless card fraud hit £14 million in losses in 2017. Uncertainty about security could be one of the reasons that over a third (34%) of consumers from the East of England said they would not use contactless over cash, in an online study commissioned by credit information expert, Equifax.
The research, conducted with Gorkana, found that a debit or credit card with a pin number is still the preferred method of payment for 47% of people in the East of England, compared to 42% of the UK overall. Contactless came second (29%), followed by cash (22%), whilst only 1% use their phone or wearable technology.
When asked when they would use contactless over cash, 34% of consumers from the East of England said they would never choose to use contactless rather than cash. For 36% the speed of contactless is the benefit; 19% said it’s more convenient than making a trip to the cashpoint and 10% think it’s more secure than cash.
The majority of consumers in the East of England (69%) are also happy with the current £30 contactless payment limit. However, 18% would like to see it increased. In comparison, London consumers top the table, with 21% wanting to see an increase.
