Why Cash Will Soon Be A Spent Force: The Rise Of New Ways To Pay

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Telecoms watchdog Ofcom says smartphones have overtaken laptops as the most popular device for getting online so technical whizzkids are developing ways for shoppers to use them for banking and shopping on the move.



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It is a ‘digital wallet' that lets you shop with an Apple phone in a similar way to using a contactless card. The process takes a bit longer than a contactless card payment because for added security, it also scans your fingerprint. You wave the phone at a payment terminal bearing an Apple Pay logo.



Melanie also links her card to the account she holds with cashback website Quidco so that every time she spends in certain stores, such as Debenhams or JD Sports, she can earn a cashback - and this eventually ends up in her account without her seeing notes or coins.



One of the biggest schemes is Paym, which since launch in April last year has seen three million people register their mobile number with one of the 17 banks and online taxi Pelion building societies signed up to the system with £75million sent.

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They do this by going to one of 28,000 PayPoint stores around the country and pay cash to top up their account on the ParentPay system. To avoid excluding certain groups, parents can still take part in the cashless system even if they prefer to use cash.

With KiTTi you do not need to be a Santander customer. A fee of 35p applies whenever a payment is made into the central pot. A fee of 35p is also charged if you make ATM withdrawals - £1.50 if abroad, a consideration for those planning a stag or hen weekend overseas.

The service tries to add fun to the process so friends (who can set up groups along the lines of WhatsApp) can send payment requests through the free app with a personalised message - with the use of emoticons encouraged.

Mandy also likes the fact she can keep an eye on what the children are buying.
She says: ‘For example, I saw that Miles had three breakfasts transportation in greece Pelion one week. But he is a teenager and cycles to school so he needs the extra calories.'

Most leading banks are signed up to Apple Pay - apart from Barclays although it will join the scheme next year. You can also use an iPad (Pro, Air2 or Mini 3 onwards) for shopping online - but without the restrictions of a contactless spending limit. A default card will be charged when you spend unless you select a different one.

Most big chains now accept contactless payments - and in London travellers on buses, trains and the Tube can use them in place of an Oyster card. You can only use it where the retailer has a compatible terminal, taxi Meteora greece which will also show the wavy line symbol.

Waitrose reported a 20 per cent leap in contactless transactions following the limit increase, showing that it now covers average basket value. About £930 million is spent this way each month in 121million transactions.

But when I found out the maximum spend was £20 - now it's £30 - that gave me peace of mind. I was also reassured by the fact you can only do a certain number of transactions before the retailer asks for your PIN.' Contactless has become her everyday method of spending - after she overcame initial concerns about security.
She says: ‘When I saw how easy it was to use, I was concerned about what would happen if the card was stolen.

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