The Olympics has seen a vast number of brands (albeit food and drinks stands in the majority) offering contactless payment as games sponsor Visa presents its payment technologies.
This month has also seen high street staple Marks & Spencer introduce it into their stores.
The contactless payment option is initially available in twenty five of Marks & Spencer’s stores across London and will allow users to purchase items under £20 by touching the readers in store with their cards. So what does this mean for fashion retailers?
The contactless payment option will certainly reduce queuing times in store, allowing customers to buy smaller price items quickly and conveniently. With 21 million contactless cards in circulation in the UK and Visa Europe predicting this number to rise to 30 million by the end of the year consumers will become more and more expectant for this payment option to be available in stores.
With the transaction amount now being pushed up to £20 (it was previously a maximum of £15) other fashion retailers should be thinking about how they can utilise this technology in their stores and I can see high street retailers such as H&M and Topshop introducing contactless payment, even if just initially on lower priced items such as accessories. One thing is for sure, this technology is out there and consumers are quickly becoming aware of it so fashion retailers should ensure they are not left behind.
Keely Stocker, Online Editor, Drapers