You wouldn’t be blamed for thinking that new technology like contactless payment and Apple Pay were reserved solely for younger generations, but now leading market research companies [link]have found this is actually not the case.
Research from Saga has found in fact that one in five of those aged over 50 use contactless payment up to three times a week [link], with one in three admitting that they like not having to have cash on them at all times.
So what is it about this method of paying for goods and services that is so appealing to this particular demographic? Convenience when paying for smaller items and reducing times at checkout were both revealed to be factors, while 24 per cent say they like not having to remember their pin number.
However, some people of this age did have reservations about paying for something using contactless payment. It was found that seven in ten are concerned about the security of having a contactless card, with half of those asked saying they’d be unsurprised if a rise in pickpocketing was seen as a result of the technology
“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,” director of communications with Saga Paul Green said.
In September, the contactless payment limit was increased from £20 to £30 after a huge rise in the number of people using this method of payment was seen.