Contactless payments to increase to £100
Coronavirus has transformed consumer and retailer behaviour alike – with 40% of shoppers no longer use cash.
The Chancellor raised the limits on contactless payments by more than double in the Budget announcements. In a boost to retailers, the £100 limit will open up larger ticket items and small luxuries for instant payments.
The pandemic has handed non-essential retail a shattering blow, and has altered our consumer habits permanently. Indeed, research conducted by British retail technology pioneers Ubamarket LTD has revealed that 40% of people in the UK will no longer use cash when shopping or when in bars or restaurants, with 50% not having used cash since the start of lockdown restrictions last year.
Will Broome, CEO of Ubamarket LTD, discusses the research looking into consumer sentiments towards shopping in light of the pandemic and the Chancellor’s announcement:
“The Chancellor has correctly recognised that the circumstances brought about by Covid-19 has called for a new way of doing things. Our research clearly shows that the Coronavirus pandemic has completely transformed both retailer and consumer behaviour- in particular when it comes to purchasing their goods.
The pandemic has raised huge questions around hygiene and safety, with particular concerns around consumer confidence. This fluctuation is shopping habits has further highlighted a number of pre-existing problems with the shopping experience in Britain, with a huge proportion of Brits now feeling that their shopping experience is outdated. Now, the question facing businesses is not ‘when will things go back to normal’ but rather ‘how can we adapt to succeed and serve customers in a post-COVID world?
Retail tech such as Ubamarket will help supermarkets, stores, bars and restaurants to do just that, by doing away with the need for time-consuming queues, unhygienic checkouts, complicated store layouts and confusion about where products are and whether they are in stock. Paying for your shopping in-app will drastically reduce your exposure to potentially dangerous interactions as there is no need to stand in queues or use the tills. Ultimately, if retailers are willing to implement retail technology, we could make the weekly shop far more safe and hygienic for everybody in the UK.“
Ubamarket LTD – founded in 2016 – is a pioneer of ‘Scan Pay Go’ technology, offering innovative solutions to providing the fastest ‘in and out’ visit to supermarkets, through features such as aisle sat-nav, automated lists, facial recognition and till-less check out. The retail app Ubamarket, now enjoys partnerships with SPAR and Central England Co-Op. I