2012 Olympics could be the turning point for contactless?

Contactless payments 'will take off during Olympics'

A small number of retailers have taken up the contactless payments technology that allows cardholders to pay for goods without inputting a PIN or signing a receipt. It's predicted the Olympics will be the turning point for take-up of this technology in the UK, as reported by The Guardian.

Shoppers can scan their contactless credit card over a terminal for payments up to the value of £15. It's reported that contactless payment technology shortens queuing times. A MasterCard survey of European usage last year indicated only 5% of British consumers used contactless payments, second lowest only to France where 4% of consumers did so.

The technology is a natural choice for fast-food retailers. Currently McDonalds, Subway, Eat, Pret a Manger, Cafe Nero as well as selected Burger King and Little Chef outlets offer it. Retailers Boots and Clinton Cards have rolled it out in selected stores and The Co-op, Wilkinson and Starbucks intend to introduce it soon.

It's reported that McDonalds is responsible for a higher uptake in contactless payments for fast food - Visa says a third of cardholders made contactless payments for food in the last quarter of 2011 compared with only 12% the previous quarter.

Mark Austin, head of contactless for Visa Europe says "thousands of new contactless terminals [will be] installed across Olympic venues".

The technology may not have fully caught on yet, but Visa questioned 500 UK cardholders and 73% believe contactless payments will become the most common way to pay for goods in the future.