Is paying with contactless too easy?

Earlier this week BBC News wrote a piece on contactless payments under the title “Will paying with contactless cards make us less healthy?”. The contention here is that paying with contactless is so simple and without any visibility of ‘real’ cash it’s too easy to spend more, especially on unhealthy snacks. I can see the argument although disagree with it from my personal perspective. Yes, contactless payment is simple with less friction than cash or indeed chip and PIN but it doesn’t make me spend more.

However my contactless payments (almost) always have one key difference compared to standard contactless payment using cards – a mobile handset. When I make contactless payments I always get an immediate notification to my Apple Watch (via my iPhone) either because I’ve used Apple Pay or because I’ve used Mondo. Both payment methods give me instant visibility of what I’ve paid but without the friction of using cash.

Contactless payment by card is a transitory step on the way to paying by mobile handset. Whilst mobile payments like Apple Pay and Android Pay are still niche they will continue to grow (Apple Pay launched across Singapore’s major banks this week). The security and information that mobile payments provide to users will ensure their eventual success. As I outlined recently, it’s all about giving consumers control over their money.

This post first appeared on Disruptive Views.