Long viewed as a gateway to mainstream acceptance of contactless cards, the London transport network appears to be providing a similar uplift for the mobile payments market, with one-in-ten contactless journeys on London’s buses and tubes now paid for by the likes of Apple Pay and Samsung Pay.
The latest figures from Transport for London detail over one billion journeys on the transit network using contactless cards, with almost £2 billion spent by commuters since the cards were first accepted in 2012.
In total, 40% of all pay as you go journeys are now made using contactless. This is up from 25% in early 2016.
The arrival of contactless on London’s transport network is widely viewed as having a galvanising effect on uptake across the general population. The latest figures from Barclaycard suggest that half of all in-store card payments up to £30 across the UK are now made by contactless.
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Disclaimer: Statements in this article should not be considered investment advice, which is best sought directly from a qualified professional.