Economy

Contactless payment broke through during the corona crisis

The figures come from a survey by Bancontact Payconiq Company among 1000 Belgians. Almost three quarters (72 percent) of the respondents indicated that they had already made contactless payments by holding their bank card up to a payment terminal or scanning a QR code with their smartphone. Last year it was only a third. And 43 percent now say they pay at least once a week by holding their bank card up to the terminal, without having to enter the PIN.

The growth is not really surprising. Since the outbreak of the corona virus, contactless payment has been promoted as a hygienic payment method. The limit for contactless payment without having to enter your PIN code has also been increased from 25 to 50 euros.

More respondents also indicated that they trust contactless payment without a PIN: 59 percent, against 37 percent in 2019. At the same time, 59 percent still believe that a PIN should always be mandatory for non-cash payments. In 2019 this was still 74 percent.

One of the “victims” of the growth of contactless payments is cash. Where last year three quarters settled with notes and / or coins at least once a week, this year it has fallen to 57 percent. And for the first time, friends at a restaurant would more often use a payment app to pay between themselves than to retrieve their wallets. The percentage of respondents who think that cash will no longer exist within ten years has increased from 32 percent in 2019 to 46 percent this year.

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