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Retail industry 'faced with contactless payment dilemma'
6 Sep 2011

Retailers that have struggled to maintain customers in the current economic climate are faced with a tough decision on whether or not to create cashless payment systems.

An article published in the Retail Gazette has suggested that small shops are facing the dilemma of spending money on new methods, despite a reduction in consumer spending.

Established retailers could follow in the footsteps of Tesco and install contactless systems, but smaller businesses could shape their future success following adoption of the advanced technology.

Jennie Knight, Ecommerce Manager at payment systems firm EPOS Partners, highlighted the importance of the early stages of opening a business and acknowledged the difficult decision facing small enterprises.

"Retailers need to ensure they are fully prepared to take on the tough problems that may arise and need to have the right measures in place," she added.

Last month, supermarket retailer Tesco reported the launch of the world's first virtual store in the Seoul subway in South Korea, where commuters are able to purchase items using their smartphones.