One-third UK consumers want the contactless payment limit to rise, reveals ACI Worldwide’s study

By Megha Bhattacharya

A YouGov survey commissioned by ACI Worldwide has revealed that 32% of UK consumers are in favor of further increasing the current £45 contactless spending limit. Out of them, around 40% said that they want the limit to increase to £100. The study included 2,000 UK consumers.

63% of the UK consumers stated that they have made more card payments since the beginning of the lockdown, 80% said that they have made more contactless payments while 24% claimed to have made more mobile wallet payments.

“The COVID-19 pandemic has been a massive accelerator and has led to behavioral change among consumers that normally would take years,” said Andrew Quartermaine, vice president, merchant solutions, ACI Worldwide. “As shopping habits have changed, so have the attitudes toward alternative payments. Our research indicates that this shift is not temporary, but rather the new norm, and retailers need to take note.”

The study also revealed that 57% of the respondents termed digital payments as safer as compared to traditional payments; 53% reported that shops have stopped accepting cash payments, and 36% of them claimed ease of use. 39% of respondents want retailers to remove the minimum card spending limits, while 42% want a greater range of delivery options.

Regarding the long term changes to be adopted, 32% of the respondents stated that they would use cash less often than before, 24% will continue to use more electronic payments for convenience, 21 % will continue to shop more ‘local’ and avoid big supermarkets. In comparison, 16% will move to buy more of their groceries online.

“One of the key findings of this survey is that yes, there has been a big shift to eCommerce, but consumers also want to go back into stores,” continued Quartermaine. “However, safety is a big concern, and consumers want retailers to put measures in place to make shopping safe and convenient whatever channel they choose.”