Over 50s give contactless cards the thumbs up

Source: Saga

Parting with your hard earned cash has never been so easy now that contactless cards have been rolled out and research by Saga shows that seven out of ten over 50s now have one.

Saga surveyed over 50s who have a contactless debit or credit card and the results show that one in five use it up to three times a week. The over 50s use their contactless card to buy groceries (29%), food and drink in restaurants or cafes (21%) and coffee and cake in coffee shops (16%).

The over 50s like how convenient it is to use their contactless card to buy small items and how it reduces their time at the check-out. However, they’re not just using it to buy food and drink. One in ten say they no longer dig around for loose change for the bus or have to rush to buy a ticket before hopping on the tube now that they have a contactless card.

As well as speeding up journeys and being able to get through the supermarket checkout quicker, the over 50s like not having to carry cash with them (31%) or having to remember their PIN (24%). In fact, some over 50s like contactless payment so much that they think they should be able to use their card in every shop and restaurant (27%).

Not everyone is comfortable with how easy it is to buy things with just a tap of their bank card. Seven out of ten worry about the security of contactless cards and half of people say they wouldn’t be surprised if there was an increase in pickpocketing because of contactless cards.

While contactless cards may be protected in the same way as normal debit and credit cards, if your card is lost or stolen you should contact the bank as soon as possible so your bank can block it straightaway.

Despite what some people might think, contactless cards aren’t just for the young. The survey shows that four out of ten people aged 80 to 89 have used their contactless card and in fact, this age group are the least likely to worry about the security of contactless cards.

Paul Green, director of communications at Saga, commented: “Contactless cards are making it easy for people to buy their morning coffee or lunch time snack. And it’s clear the over 50s are seeing the benefit of not having to carry cash or worry about remembering their PIN.

“But people should use their contactless card wisely and only buy things they really need with it as it can be easy to get a bit too tap happy with your bank or credit card. Keeping an eye on your bank account can help you keep your spending in check and stop you from worrying about the security of contactless cards.”
Contributed | what does this mean?
This content is contributed or sourced from third parties but has been subject to Finextra editorial review.

Comments: (1)

A Finextra member
A Finextra member 03 November, 2015, 11:33Be the first to give this comment the thumbs up 0 likes

The side effect may be an increase in PIN Reminders/PIN Mailers because people will be using their PIN more infrequently and hence forgetting it...

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