Contactless card payments rose by more than a third in the last year, becoming the UK’s favorite way to pay for goods.
New data from Barclaycard’s Contactless Spending Index has revealed another record-breaking year for contactless card payments.
Fifty-one per cent of in-store transactions of up to a contactless limit of £30 are made using “touch and go” technology.
This is thought to be largely responsible for the significant rise in debit and credit card payments recently, doubling in the last decade.
Meanwhile, according to the UK Cards Association, mobile payments are closing the gap on contactless cards with a 90 per cent boost in usage this year alone.
“Our data shows that growth in contactless spending has been surging for several years, but this latest insight is particularly significant as it shows shoppers now prefer to pay with ‘touch and go’, with more than half of eligible transactions made this way,” Barclaycard mobile payments director Adam Herson said.
“September will mark the tenth anniversary of Barclaycard introducing contactless to the UK and during this time we’ve seen the technology evolve a rapid pace – from mobile and wearable devices – to invisible payments such as our newly launched ‘Grab+Go’ concept, which allows consumers to scan and pay for their shopping with a smartphone.
“And with more innovation in the pipeline and a continued rise in consumer and merchant adoption, 2017 is on track to be another record-breaking year for contactless spending.”