The spend limit of contactless payments and Apple Pay has increased from £20 to £30 as of 1st September meaning more Apple Pay users could be using their iPhones to make payments.
According to the UK Card Association* during the first half of 2015 customers spent £2.5 billion in contactless payments meaning that with the rise of spending limits, the UK could be set to start making more contactless payments in the near future.
Contactless cards data
According to the latest Contactless Payment Index results from eDigitalResearch, 40% of Apple device users have used Apple Pay to pay for goods or services in the past while 15% of respondents feel that the introduction of Apple Pay will increase the amount of contactless payments that they make.
The research found that those shoppers who have used Apple Pay were satisfied with the service, with over half (51%) stating that they were extremely satisfied. However, whilst satisfaction with Apple Pay is currently high, retailers need to continue to adapt their contactless pay experience. Of all the 2,000 consumers surveyed, three quarters (75%) have not seen any Apple Pay points or symbols before indicating that awareness is still low.
Steve Brockway, Chief Operating Officer at eDigitalResearch, explains, “Contactless payment services are growing – as demonstrated by our latest research results. However, while UK shoppers are becoming more familiar with various forms of contactless payment the difficulties banks and technology providers now face is a lack of awareness; just under half (46%) of respondents said they do not understand how Apple Pay works”.
These results are taken from eDigitalResearch’s annual Contactless Payment Index. The full results will be available later in the autumn.
* http://www.theukcardsassociation.org.uk/news/contactlesslimitrise2015news.asp
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