Contactless payments surge in UK
2017 is set to be another record-breaking year for contactless payments with spending up by just over a third (34%) already, according to payment cards giant Barclaycard.
The company said that on the 10th anniversary of it introducing contactless to the UK, more than half (51%) of in-store card payments up to £30 are now made with consumers just tapping their cards on a reader.
At the same time, the UK Cards Association (UKCA), revealed that credit and debit payments have doubled in the last 10 years, with the increased use of contactless being one of the main drivers of this growth.
But while the £30 spending ceiling limits the flexibility of such payments for major fashion spend, contactless payments with a higher ceiling are also growing.
Barclaycard’s data showed that mobile payments are now catching on fast. The amount spent by users of its Android Contactless Mobile app has jumped by 90% this year.
That’s significant as consumers appear to have remained stubbornly resistant to payments through smartphones and smartwatches up until now. But with more payments gong through this channel, it means higher-cost purchases are being brought into the world of contactless spending.
Interestingly, shoppers in the midlands and the north of England are increasing their use of contactless more than anywhere else in the UK, with the biggest jumps in spending seen in Derby (up 45%), Chester (up 44%), Newcastle Upon Tyne (up 42%), Coventry (up 42%) and Stoke on Trent (up 41%).
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