Friday, January 21, 2022

Contactless payments soar by 166%

Touch-and-go payments in the UK has rocketed by 166 per cent in the last 12 months.

Data released by Barclaycard as part of its latest Contactless Spending Index indicates the popularity of contactless, especially when compared to last year‘s 164 per cent growth.

Separate research from Barclaycard also indicates that half of Brits now pay with contactless at least once a month, and 21 per cent planned to increase their usage even further next year.

The news comes after the UK Cards Association reveals that the number of contactless credit and debits cards in the UK now tops 100 million.

The biggest leaps in contactless spending have been seen in some of the UK‘s largest cities. In Manchester, touch-and-go transactions increased by 325 per cent more this year compared to last.

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Glasgow also had a strong uptick, with 308 per cent growth, along with Blackpool at 296 per cent, Hull at 287 per cent, and Edinburgh with 267 per cent.

Overall, London continued to lead the way for contactless usage, with 47 per cent of all eligible transactions (those up to £30) now made via contactless – up from 30 per cent in 2014.

“Brits across the UK are increasingly catching on to the speed and ease of ‘touch and go‘ payments, meaning that for many, contactless is now the preferred way to pay,” Barclaycard commercial director Tami Hargreaves said.

“No longer is contactless just reserved for the morning coffee or afternoon snack, as our data shows, Brits are turning to these payments for all types of purchases, from a supermarket top-up shop to stocking up on everyday essentials in discount stores and pharmacies.

“In 2016, the increasing popularity of mobile payments and wearables has also contributed to the surge in contactless, and as more retailers continue to accept ‘touch and go‘ as a way to pay we expect this upward trend to continue well into next year.”

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