MONEY
CHECK OUT: RETAIL IN THE FAST LANE
Retail payments are transforming rapidly with the development of contactless, NFC, mobile wallet and cash management system technologies growing in popularity, prompted by faster transaction speeds and increased customer loyalty options. But real challenges to widespread adoption remain, writes Leo King
www.retailtechnology.co.uk C
ontactless payments are increasingly abundant. They allow consumers to buy items under a £20 limit by simply touching a radio frequency identification (RFID) card
on a reader at the checkout, and can be found in more and more retail and hospitality outlets. Over one in four Visa cards are now contactless, and the processor has said
payments in the first quarter of 2013 hit 5.3 million transactions, an increase of 22% in a year. Retailers often also introduce contactless when they come to renew their payment
terminals. Last August, discount food retailer Lidl rolled out contactless across its stores, and competitor Aldi is conducting a trial. Elsewhere, Marks and Spencer has said it processes over 230,000 such transactions per week following an extensive overhaul of instore systems. Gilles Ubaghs, senior analyst at Ovum, described the growing take-up of contactless as “one of the biggest payment developments in retail technology in the UK”. He noted
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