Recent figures from UK Finance have revealed that contactless card fraud hit £14m in losses in 2017, potentially one of the reasons why over a third (34%) of Scottish consumers said they would not use contactless over cash, in an online study commissioned by credit information expert Equifax.
The research, conducted with Gorkana, found that a debit or credit card with a pin number is still the preferred method of payment for 33% of Scots, compared to 42% of the UK overall. Contactless came second (32%), followed by cash (25%), whilst only 3% use their phone or wearable technology.
When asked when they would use contactless over cash, 34% of Scottish consumers said they would never choose to use contactless rather than cash. For 26% the speed of contactless is the benefit; 25% said it’s more convenient than making a trip to the cashpoint and 15% think it’s more secure than cash.