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Payments Council: Contactless credit cards are nothing to be afraid of

Customers are missing out on convenient banking due to their phobia of futuristic technologies.

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6 June 2013

Payments Council: Contactless credit cards are nothing to be afraid of

More than a quarter of respondents to a survey about phobias cited the latest payment technologies as a source of uneasiness, making them more feared than spiders.

Payments Council, which conducted the survey, has dubbed this aversion to modernistic banking as paynuphobia.

Ten percent of Brits are actively avoiding internet banking due to their anxiety about security, with others being wary of contactless credit cards and online transactions.

However, the organisation believes that education about the way these transactions work would alleviate fears, since the technologies involved have high levels of security.

Credit card companies have numerous measures in place to protect customers from fraud and identify theft, and technologies do not enter the market before rigorous testing.

Embracing futuristic payment options could help more people keep control of their finances and allow them to save precious time.

A fifth of Brits have queued up to check their balance even though accessing the information online is simple, and 14 percent have unnecessarily incurred late payment fees due to their internet aversion.

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