The findings from a recent survey conducted by Barclaycard suggest that retailers are calling for an increase in the spending limit imposed on contactless payments.

53% of retailers who accept contactless payments are in favour of the spending limit being increased beyond the current £30 maximum. 37% of these retailers would like to see it raised to £50, whilst the other 20% would like to see it jump by more than three times to £100.

The demand for a higher spending limit is unsurprising since three quarters of retailers who have adopt4ed the technology reporting 30% more transactions per day on average with 1 in 5 retailers processing up to 50% more transactions.

Barclaycard has predicted that contactless technology is set to skyrocket over the next 4 years, by as much as 317%. However, despite this half of retailers have still not taken the technology on and do not accept contactless card payments.

Research shows that contactless spending transactions take less than half the time of chip and pin, saving shoppers a considerable amount of time in the long term. Where a chip and pin transaction is believed to take approximately 15 seconds on average, contactless is just 7 seconds.