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Contactless payments worth about £2bn are being made in the UK without shoppers checking the amount being charged.
This is according to research from financial technology (fintech) company Yolt, which revealed that almost half of Brits admit to not always checking the value of the sale when tapping their card or device.
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It also found that 76% of people in the UK have used contactless payments, and 40% of them now use it for over half of their payments.
But many are not checking the charge before paying. This is especially the case for young people, aged 18 to 34, according to the research. Only 39% of people in this age group said they checked the amount every time, compared with 62% of people over 55.
London has the highest proportion of contactless payment users in the UK, with 82% of them using contactless. But only 38% check the charge every time they make a payment.
According to recent research from Visa, two-thirds of people in Britain have made payments using a contactless credit or debit card, and a quarter have done so using a smartphone. Contactless cards have been around for 10 years.
Read more about contactless payments
- The number of contactless payments made with mobile devices has increased by 336%, according to figures from Worldpay.
- Transport for London figures for the use of contactless payments on its network add weight to plans to sell its expertise to other cities.
- Contactless technology pushes card payments ahead of cash in retail sector.
Boosted by contactless, card payments now account for more spending in UK retailers than cash.
Fintechs such as Yolt offer apps to help people monitor their spending, which can quickly reassure consumers even if they fail to check the amount charged.
Pauline van Brakel, chief customer officer at Yolt, said: “We know everyone is in a hurry. So even if you don’t check every time you tap your contactless card, you can easily review your spending on your smartphone.”