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New map shows that contactless payment is king

Lucy Crossfield, deputy editor at Expert Market

Expert Market, a B2B comparison site for card payment systems, has released a map that shows the contactless card limits for 49 countries around the world.
Its findings prove that more consumers than ever are choosing to pay via contactless card over chip and pin or cash. Over two thirds of people in the UK now choose to ‘wave and pay’ over other more traditional payment methods.
Expert Market found that contactless limits vary hugely around the world with evidence linking higher limits to more frequent spending. The UK, for example, lags behind Asian countries in the contactless limit ranking, coming 13th, behind the likes of Japan, China, Canada and Australia. With a cap of just £30, British citizens have around half the spending allowance of Canadians and Singaporeans, and £10 less than consumers in Denmark and New Zealand.
“Countries that are slow to adapt to new payment technologies risk being left behind in what is an increasingly cash averse market,” commented Lucy Crossfield, deputy editor at Expert Market. “Sweden is well on the way to becoming the first cashless society in the world, and contactless cards are becoming the payment of choice in most urban centres too.”
She said she believes that new payment technology benefits both consumers and business owners, with the former getting a quicker, easier and safer way to pay and businesses able to cut queues and increase efficiency: “Cash is quickly becoming an outdated and inconvenient way to pay,” she added. “Going contactless is a great way for small businesses to future-proof, especially trendy pop ups that want to attract tap-happy millennials.”

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