Contactless Payments Set to Soar Amidst Pandemic

  • Barclaycard to increase contactless spending limit to £45 from April 1st
  • Increase aims to prevent the spread of coronavirus
  • Contactless payments will be used more in supermarkets, bakeries, and petrol stations first
  • Other retailers to follow soon
  • Barclaycard powers over 150,000 terminals across UK retail sector

Barclaycard has announced that it will be increasing the contactless spending limit across UK retailers from £30 to £45 starting April 1st, 2020. The move aims to prevent the spread of coronavirus by allowing customers to make more payments without touching card terminals or handling cash. Key sectors such as supermarkets, bakeries, and petrol service stations will be the first to adopt the new limit, with other retailers following suit later on. Barclaycard powers over 150,000 payment terminals in the UK and was responsible for the country’s first contactless payments card in 2007.

Factuality Level: 10
Factuality Justification: The article provides accurate information about Barclaycard’s decision to increase the contactless limit from £30 to £45 starting April 2020 to prevent the spread of coronavirus and improve safety. It also mentions the sectors where it will be first deployed and quotes the CEO of Barclaycard Payments, Rob Cameron.
Noise Level: 3
Noise Justification: The article provides relevant information about Barclaycard increasing the contactless limit to prevent the spread of coronavirus and improve safety for customers. It also mentions the history of Barclaycard’s involvement in contactless payments. However, it lacks analysis or exploration of long-term trends or consequences.
Financial Relevance: Yes
Financial Markets Impacted: Barclaycard and retailers
Financial Rating Justification: The article discusses Barclaycard’s decision to increase the contactless limit for credit and debit card transactions, which can impact the financial operations of both Barclaycard and retailers in the UK.
Presence Of Extreme Event: No
Nature Of Extreme Event: Other
Impact Rating Of The Extreme Event: Minor
Extreme Rating Justification: There is no extreme event mentioned in the article.

Reported publicly: www.retailsector.co.uk