Payment methods

• Advances in payment technology have led to the introduction of new payment methods that are designed to make it easier to complete secure payments without using cash
• Chip and pin – debit and credit cards now contain a chip, which requires a personal identification number (PIN) to authorise the payment. Previous methods were a lot less secure as full card details were shared
• Contactless payments – contactless has become a very popular way to make payments of £30 or less using a credit, debit or smart card. The technology also gives people with smartphones the option to store their card details on their phone and make instant payments using services such as Apple Pay or Google Pay
• There has been a significant increase in the use of debit cards to make payments. These are the most frequently used method of making payment, overtaking cash for the first time