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Story URL: http://www.silicon.com/financialservices/0,3800010322,39168970,00.htm

Is cash costing you three days per year?
Money is time...

By Julian Goldsmith

Published: Monday 29 October 2007

London commuters are wasting precious time by using cash when faster alternatives are available, it has been claimed.

A survey of 100 London workers by Visa Europe found workers waste one hour per week - totalling nearly three days per year - paying cash for everyday purchases such as coffees, newspapers and snacks. This includes time queuing at cash points for the cash in the first place.

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The Visa Europe Time and Motion study found 63 per cent of London commuters make up to three cash withdrawals per week, each one taking around 146 seconds - this makes for seven minutes and 18 seconds wasted per week. Unsurprisingly, Visa Europe is advocating a contactless payment system for purchases of £10 or less as a more convenient option.

Visa Europe is one of a number of credit card companies that have rolled out a contactless payment credit card in partnership this autumn.

Visa is working with member banks including Barclays, HBOS, HSBC, Lloyds TSB and RBS to offer a product called payWave. Barclaycard combined this with the Oyster public transport swipe card in a product called OnePulse in September.

Head of innovation and acceptance for Visa Europe, Sandra Alzetta, said with more than 70 per cent of commuters admitting to spending up to £50 in cash each week on sundry expenses, it is "easy to see the opportunity" for contactless payments as a cash replacement.