PrePay Solutions reacts to increased contactless limit
03 September 2015
Following the news that the contactless payment limit has been raised from £20 to £30, Ray Brash, MD & Chairman at PrePay Solutions – the largest issuer of prepaid contactless in the UK, comments:
“At the moment, about 15% of our transactions are contactless. With the limit increasing to £30, we predict this will go up to 25% over the next year. The average value of card transactions has been falling for a while now, as people continue to opt for greater convenience and become familiar with the technology. We therefore see no reason why this can’t go up to 50% in the foreseeable future. This steady growth will help contactless take off further and once again shows customer demand for convenience and security.
“Contactless has become the norm for many transactions; as a retailer it has become vital to adopt the technology. You don’t want to answer the statement or question ‘go contactless’ with an embarrassed, sorry, we don’t do contactless.
“Contactless comes in many shapes and sizes: from mobile phones to rings and bracelets. As the largest issuer of prepaid contactless in the UK, we’ve been there from the start when we launched Orange Cash and EE Cash on Tap, and we look forward to seeing where it will grow next. It is an exciting time for contactless – watch this space.”