Management / Over-50s embracing contactless cards
Over-50s embracing contactless cards
2 November 2015
Nearly one in five people aged over 50 who have a contactless card now use it as often as three times a week, according to research from Saga.
Rather than paying with traditional cash, the research found that 19 per cent of over-50s are embracing the technology by paying with contactless up to three times a week.
Grocery shopping and visiting cafes and coffee shops are popular occasions for them to pay with a single swipe of their card on a reader rather than scrabbling for their loose change.
The survey also showed that more than four out of 10 (43 per cent) people aged between 80 and 89 have used their contactless card.
While many over-50s said they like the way that using contactless speeds up their checkout payments, 31 per cent appreciate not having to carry cash with them and 24 per cent like not having to remember a Pin number to key in.
However, seven out of 10 (70 per cent) people said they worry about the security of contactless credit or debit cards.
There are around 58 million contactless cards in the UK and the limit for a single payment using a contactless card increased from £20 to £30 in September.
The range of places where contactless payments are accepted includes Aldi, Barnardo’s, Greggs, McDonald’s, M6 Toll, London Buses, London Tubes and the Post Office.
The UK Cards Association has previously described instances of fraud on contactless cards as ”extremely rare”, with losses of less than a penny for every £100 spent on contactless – far lower than card fraud generally.
If a contactless card is used fraudulently, consumers are fully protected against any losses and will not be left out of pocket, the association has said.
Card providers should reimburse victims of contactless fraud, as long as they have taken reasonable steps to keep their card safe.
Paul Green, director of communications at Saga, said: “Contactless cards are making it easy for people to buy their morning coffee or lunchtime snack.
“And it’s clear the over-50s are seeing the benefit of not having to carry cash or worry about remembering their Pin.
“But people should use their contactless card wisely and only buy things they really need with it as it can be easy to get a bit too tap-happy with your bank or credit card.
“Keeping an eye on your bank account can help you keep your spending in check and stop you from worrying about the security of contactless cards.”
More than 6,000 people aged over 50 took part in the survey.