A recent survey of 1,000 British consumers has
revealed that cash is still the most popular method of payment.

Secure card payments specialist, The Logic
Group conducted a consumer survey looking into the payment
preferences of consumers in the UK and its findings reveal
there are still a number of challenges facing contactless
payments.

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The survey indicates that the UK payments
industry is ripe for the widespread implementation of contactless
payments but says that the biggest hurdle is educating the general
public as to what contactless payments actually are.

The report says that over 80% of the £266
billion worth of cash payments made per year in the UK are for
purchases under £15. However over a third of consumers think
contactless payments are either “payments online” (21%) or where
“no human contact is involved” (18%).

“This represents a huge opportunity for a cash
replacement solution that is faster, more convenient and more
secure than notes and coins – and the emergence of contactless
offers,” said Mark Kusionowicz, marketing director of The Logic
Group.

“However, there is clearly some work to be
done in the industry to educate consumers not only to the benefits
of contactless but also to what a contactless payment actually
is. “

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Questioned on what they thought the main
barriers to a cashless society were, nearly half of the surveyed
consumers said paying for low value items and goods at small
retailers reliant on cash payments were their main concerns.

The report also suggests that contactless
payments would benefit the Point-of-Sale process in reducing queue
length and transaction time which are cited as being two major
irritants to shoppers.