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Contactless payment 'is more convenient for shoppers'
27 Jul 2011

Opportunities presented by contactless payment schemes could provide on the go consumers with a number of benefits, an expert has suggested.

According to Phil Sealy from ABI Research, the technological advancement reduces queuing time and speeds up transactions significantly.

His comments come after the analytical firm predicted that international shipping for contactless payment cards would reach one billion by 2016.

In addition, the organisation forecast that smart card deliveries would overtake mag-stripe payment methods as early as 2015.

However, the traditional technique is not likely to disappear completely, with ABI Research predicting mag-stripes would still account for 50 per cent of cards in 2016.

"Giving banks the ability to add another payment application to their portfolios, the emergence of contactless technology is augmenting the overall trend from cash-based to cashless societies," explained Mr Sealy.

Earlier this month, restaurant chain the Slug and Lettuce unveiled plans to introduce Barclaycard payment terminals in 80 of its eateries across the UK.