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Consumers embracing payment technology, claims trade association
13 June 2008
Payment technology is set to evolve as consumers become more confident, claims a trade association.
Since the introduction of chip and pin, people are increasingly using their credit and debit cards instead of cash which has lead to the possibility of further technological advancements in the field of payment.
Jemma Smith, spokesperson for APACS said: "Many people are using cards for low value transactions because it's faster and in a way they may not have ten years ago. We have a whole generation of people coming through who are card confident and happy to use them."
While the majority of people own mobile phones it might not be long before the technology is used in payment, claims APACS.
"Around 90 per cent of households now have a mobile phone - you have that little bit of technology in everybody's hands and there is scope to develop it," said Ms Smith.
Research by the British Retail Consortium (BRC) revealed that cash is now used for 60 per cent of all transactions.
