Data released by Barclaycard today as part of its quarterly Contactless Spending Index shows that ‘touch and go’ payments continue to surge in popularity with spending up by more than a third (34 per cent) since the turn of the year.
As the tenth anniversary of Barclaycard introducing contactless technology to the UK approaches in September, this latest insight reveals ‘touch and go’ is now the preferred way to pay among British shoppers. More than half (51 per cent) of all transactions up to the eligible spending limit of £30 are now made using contactless, which shaves seven seconds off the time taken to process a transaction compared to Chip and PIN.
The news comes as industry body, The UK Cards Association (UKCA), reveals that credit and debit payments have doubled in the last 10 years with the increased use of contactless one of the main drivers for this growth.
While contactless card transactions have been continuing to grow over the past few years, data from the Index shows that mobile payments are now also catching on at a rapid rate with the amount spent by users of Barclaycard’s Android Contactless Mobile app jumping by 90 per cent in 2017.
The national picture
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 per cent), Chester (up 44 per cent), Newcastle Upon Tyne (up 42 per cent), Coventry (up 42 per cent) and Stoke on Trent (up 41 per cent).
Adam Herson, director at Barclaycard Mobile Payments, says, ‘Our data shows that growth in 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. This saves shoppers valuable time at the check-out and makes buying goods and services far more convenient too.
‘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.’