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Fraud fears inhibit advances in contactless payment

Fraud fears could be holding back the advent of contactless payment, thinkmoney.com reports.

Contactless payment technology has made some of its largest advancements in the past year, with many banks now offering it built in with their new cards. Whilst the technology and infrastructure is already in place, uptake is predicted to be slow as account holders shun the method over fears of fraud.

In addition to fraud concerns, research by cash machine operator Bank Machine found that just 17 per cent of consumers believe that a "cashless" future would make life easier.

Furthermore, many of those questioned were not even aware whether their bank card came with the contactless payment technology.

The news suggests that while banks may be happy to herald a new cashless era, consumers are still happy with the current model, meaning that businesses should pay just as much attention to their cash management as their debit transactions.

Speaking to thisismoney.co.uk, a Think Money spokesperson explained of the results:

"Banks offer much the same protection against contactless card fraud as they do with existing payment cards. Any losses incurred should be refunded quickly. However, rather than a 'cashless society', most people would probably like to see greater choice. Cash can be very convenient for smaller purchases, so taking it away could actually make things more difficult."

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