Whether grabbing a sandwich; picking up photos; getting shoes mended or travelling on a bus, from this week Liverpool customers will be able to Tap & Go as contactless card payments go live in Liverpool.
Whether grabbing a sandwich; picking up photos; getting shoes mended or travelling on a bus, from this week Liverpool customers will be able to Tap & Go as contactless card payments go live in Liverpool.
MasterCard PayPass, which is being launched in partnership with RBS WorldPay, will be available for the first time on UK public transport, with Stagecoach Merseyside rolling the technology out across its 200-strong bus network. The payment providers also said retailers such as Boots will join many of the city's smaller independent retailers adopting MasterCard PayPass 'Tap & Go' technology in the coming weeks.
An RBS WorldPay study carried out in Liverpool revealed 76% of retailers in Liverpool felt contactless was a cost-effective, efficient and secure payment method for small payments, such as bus fares for example. The research also revealed the top five reasons why retailers welcome new card technology as the better alternative to cash, where 41% of retailers said they could achieve faster transaction times.
Just under one third (31%) of retailers surveyed said time is saved due to reduced banking - less cash means less banking. Nearly a quarter (24%) cited the convenience of not having to cash up tills, while 20% observed they had cleaner premises with less mess around tills and another 20% said card payments led to fewer disagreements with customers.
PayPass will help reduce the average £635, which RBS WorldPay said its study shows that participating retailers were individually losing each year due to incorrect change being given to customers. The problem was most acute among newsagents £698, and bars and restaurants where the figure rises to £739 per annum.
The study shows contactless will also appeal to retailers who lose revenue due to inefficient in-store systems - retailers admit that in busy times, their average queue is 4 minutes 21 seconds, with even smaller retailers, including newsagents, making their customers wait an average 3 minutes and 48 seconds. These figures are released in the same week that MasterCard research shows nearly two thirds of shoppers (61%) hate queuing and refuse to stand in line for longer than five minutes (66%).
Matt Rowsell, head of business development at RBS WorldPay commented: "In the same way that chip and PIN has revolutionised the way shoppers pay, contactless is the future of small ticket transactions. It is in line with customer preferences and gives retailers an ultra-low cost, fast and secure payment option at the tap of a card."
Hany Fam, MasterCard UK & Ireland group general manager said: "PayPass has already revolutionised the way consumers make everyday payments in London and other major cities around Europe and our research suggests that it will do the same in Liverpool. We're proud to be the first payments brand in the UK to introduce contactless bankcard payments to both public transport and other retailers, potentially making millions of consumers' lives easier."
Directly linked to the cardholder's bank account, PayPass is not limited by how much cash the shopper is carrying. This will help release spending from more than half (52%) of shoppers recently polled by MasterCard who said they tend to carry either no change or less than £10 with them at any one time.
www.rbsworldpay.com
