The Co-operative Food has joined forces with
Barclaycard and Visa to become the UK’s first major grocery
retailer to roll out contactless payments nationwide from next
year.

The roll out will begin with a pilot in 100
Co-operative food stores. If successful its contactless payment
terminals will be deployed in the majority of its food stores in
time for the 2012 Olympics.

According to Barclaycard contactless payments
will increase as research shows that a large number of customers
will walk out of a shop if they see an excessive queue length.

“Contactless payment has huge benefits for our
customers,” said Mark Hale, director of Food IS, The Co-operative
Group.

“In essence, this innovative technology will
mean increased customer choice and faster transaction speed, which
will vastly improve the customer experience.”

Contactless payment allows customers to make
purchases of £15 or less, without the need to enter a PIN or insert
their card into a payment terminal. Once the card has been held
over the contactless terminal, the secure transaction uses the chip
and PIN technology to automatically add the purchase to the
customer’s credit card bill or debit it from their current
account.

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By GlobalData

“We’re absolutely delighted that The
Co-operative is joining forces with Barclaycard to roll out
contactless payments across all of its stores,” said Stuart Neal,
head of UK Payment Acceptance at Barclaycard.

“For a household name such as The Co-operative
to commit to the technology really shows that it is the future of
payments, and we are looking forward to working with them to
further enhance the in-store experience for their customers.”