The new coronavirus pandemic has prompted an increase in contactless payments in Brazil, though the method has yet to take off, according to a new study released by Visa. According to the research, contactless payments made through cards, smartwatches and other mobile devices accounted for about 3% of all payments processed by the company between January and June 2020, compared to 1% in the same period last year. Brazilians tend to use contactless mostly with credit cards, which account for 65% of all transactions carried out through that method, according to the study. The current limit for contactless transactions that don't require a PIN in Brazil is currently 50 reais (US$ 9) and Visa expects that the method will gather pace once the limit is set at 100 reais (US$ 18), which should happen in due course. Contactless payments tripled in the last year across Europe, says Visa.
LONDON (Reuters) -Banks will start rolling out the new 100 pound ($137) spending limit for contactless payments from Oct. 15, Britain's banking industry body UK Finance said on Friday. Contactless payments surged during the pandemic, with some shops refusing to take cash to help prevent the spread of COVID-19. "Given the number of terminals which will need to be updated to accept the new limit, it will take some time to be introduced across all retailers," UK Finance said in a statement. Contactless payments accounted for 49% of all credit card and 65% of all debit card transactions in May, UK Finance said. Transactions in May were double the same month in 2020.
Britons over the age of 60 are the fastest growing group of people taking to contactless card payments, according to Barclaycard. Spending via contactless within the older age group has more than doubled in the last year, it said. The largest growth in the use of the cards has occurred in Manchester, Glasgow, Cardiff and Edinburgh. Separate figures showed that total spending on contactless cards hit 1.5bn for the first time in March. The Barclaycard data suggests the number of silver surfers using "touch and go" payments increased by 116% over the last 12 months.
Cash shows no sign of dying out among shoppers despite the rise of contactless and mobile phone payments. The Royal Mint said cash remained the'most prominent' payment method for UK customers despite the growth in digital payments and online shopping. The Mint said the general public continues to trust cash and find it convenient despite data suggesting more people are using other payment methods. The Co-Operative today forecast mobile payments would outstrip spending on cash and in less than a decade, accounting for 65 per cent of transactions by 2025. A spokesman from the Royal Mint said: 'The demise of cash has been predicted for a long time but it remains the currency option the general public turns to for confidence, convenience and security.
You don't need to buy a ticket: you can pay with a contactless bank card on Transport for London services. Transport for London (TfL) was the world's first public transport provider to enable contactless payments using bank cards. The TfL system - developed in house - was introduced on London buses in December 2012, and extended to tube and rail services in September 2014. Now around 17 million journeys a week are paid for using contactless cards and mobile devices, and London's system is being adapted for use overseas. In 2016, TfL signed a deal "worth up to £15 million" with America's Cubic Transportation Systems, "allowing them to adapt the capital's contactless ticketing system worldwide.