It was recently reported that payment by card now accounts for more transactions than all other payment types combined in the UK. In particular, there's been a massive growth in the use of contactless card payments, so much so that there's speculation that we may be moving towards becoming a cashless society.
Countries such as Sweden are leading the race, with fewer than 20% of Swedish transactions being conducted in cash and many bars, restaurants and shops refusing to take it. Many Swedish banks don't allow cash withdrawals or deposits.
In the UK newer payment methods such as mobile-to-mobile and ApplePay, as well as the growth of intentionally cash-free services such as Uber and Deliveroo, mean that card payment transaction volumes continue to grow.
So what are the implications of this for the card payment industry? How can businesses ensure that their customers' payments are not only safe but also, critically, seen to be safe by customers themselves? Syntec's finance director, Jonathan Graham, discusses the options.
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