# Chip and pin cards remain consumers’ first choice for payments
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2018-03-21
Category: FINANCE
Category URL: https://financedigest.com/category/finance
Meta Title: UK Payment Preferences: Debit/Credit Over Contactless
Meta Description: Discover insights from Equifax's research on how 42% of Brits favour card with pin over contactless, with only 16% seeing contactless as more secure.
Tags: featured
Tag URLs: featured (https://financedigest.com/tag/featured)
URL: https://financedigest.com/chip-and-pin-cards-remain-consumers-first-choice-for-paymentshtml

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Online research from Equifax, the consumer and business insights expert, shows that using a debit or credit card with a pin number is still the preferred method of payment for 42% of people in the UK. Contactless methods followed at 34%, with the vast majority of these respondents (31%) preferring a contactless card to using their phone or wearable technology (3%).

The survey, conducted with Gorkana, also highlighted that the majority of consumers (66%) are happy with the current £30 contactless payment limit and only 16% think it should be increased. Of the people keen to [see a higher](https://www.financedigest.com/delivery-hero-sees-higher-gross-merchandise-value-in-third-quarter.html "Delivery Hero sees higher gross merchandise value in third quarter") limit, 13% would like to see it increased by a maximum of £10, and 39% would like the limit to be set between £40 and £50.

When asked why they would use contactless rather than cash, 34% [see the speed of the transaction as the main advantage and 21% said it’s more convenient than making a trip to a cash](https://www.financedigest.com/covestro-sees-lower-2023-profit-cash-flow-as-macro-challenges-prevail.html "Covestro sees lower 2023 profit, cash flow as macro challenges prevail") point. Only 16% of people feel that [contactless payments are more secure](https://www.financedigest.com/contactless-payments-the-way-of-the-future-or-security-scare.html "Contactless Payments – The Way of the Future or Security Scare?") than carrying cash.

The research found that 45% of consumers withdraw cash just once a month or less, yet 28% of people surveyed said they would never choose [contactless payments](https://www.financedigest.com/contactless-payments-spirit-willing-but-is-the-market.html "Contactless Payments: Spirit Willing but is the Market?") over cash. Despite the rising popularity of using wearable technology like [watches to make payments](https://www.financedigest.com/the-year-ahead-top-payments-trends-to-watch-out-for-in-2022.html "The year ahead: Top payments trends to watch out for in 2022"), 36% of Brits don’t expect this payment method will ever overtake cards.

Sarah Lewis, Head of ID and Fraud UK at Equifax, said: “The rise in popularity of contactless and wearable payment methods is a hot topic right now but our research shows that retailers and [service providers are going to have to accept a variety of payment types for some time](https://www.financedigest.com/financial-services-and-sustainability-the-time-is-now.html "Financial services and sustainability: The time is now") to come. Many [consumers have been early adopters](https://www.financedigest.com/sales-of-dental-implants-market-to-be-significantly-influenced-by-rising-consumer-adoption.html "Sales of Dental Implants Market to be Significantly Influenced by Rising Consumer Adoption  ") of contactless and wearable payments, and really value the convenience of these options, but others remain wary and prefer the more traditional means.

“Contactless payment is not without its [risks and these results show that consumers are well](https://www.financedigest.com/fed-keen-to-be-well-positioned-to-act-on-inflation-other-risks-minutes-show.html "Fed keen to be ‘well positioned’ to act on inflation, other risks, minutes show") aware of this. There has been [talk about increasing the contactless payment](https://www.financedigest.com/sabadell-in-talks-with-worldline-nexi-and-fiserv-for-payments-deal-sources.html "Sabadell in talks with Worldline, Nexi and Fiserv for payments deal -sources") limit but this would simply increase the incentive for criminals to steal contactless cards, resulting in higher levels of related fraudulent activity. Contactless and wearable payments will continue to grow in popularity, but the financial [services industry has a lot of work](https://www.financedigest.com/hybrid-working-a-risk-or-opportunity-for-the-financial-services-industry-2.html "Hybrid working: a risk or opportunity for the financial services industry?") to do to make customers completely comfortable with these options.”


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