Equifax: Contactless payment could make credit cards redundant

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Equifax: Contactless payment could make credit cards redundant

Credit cards could become unnecessary if contactless payment becomes popular enough, it has been claimed.

Neil Munroe, external affairs director at credit reference agency Equifax, said payment technology could reach a point "where you don't need that physical piece of plastic [as] you don't necessarily need a cheque now".

He said that security remains an issue, warning that fraudsters would infiltrate contactless payment and that there should be "clarity" about when to use the system.

Contactless payment allows a customer to pay by tapping a till with a wallet or mobile phone.

The computer will then take the tap as payment confirmation and make the deduction from the payer's account.

According to Apacs, the UK payment association, 1.8 billion plastic card purchases were made in the UK in 2008's second quarter, totaling £92.6 billion.

This was 7.8 per cent higher than in the same quarter of 2007, while spending was 7.5 per cent higher.

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