Contactless payments have become increasingly common in the UK. Today, six in ten Brits pay with touch and go. What started off as alternative payment method capped at £20 per transaction, has now become an increasingly common way to pay.
And experts believe that the momentum won’t slow now. The speed and convenience quickly caught on with merchants, with more businesses than ever before beginning to integrate contactless payment methods to meet these standards.
According to data from Barclaycard, more than £60 billion has been spent using contactless cards and devices in the decade since the technology was first introduced, and the usage is projected to rise by a further 317% by 2021.
Growth across all sectors
The surge of contactless payments has spread across several industries and driven growth over the past few years. The clothing and retail industry has seen the highest growth, with an increase of 321% year on year rise. Department stores and supermarkets followed on shortly after with 126% and 124% respectively.
“Retailers are simultaneously embracing cards over cash, with two in five either solely accepting card payments or considering going entirely cash-free within the next five years – and the business benefits are clear to see,” says Adam Herson, Business Development Director at Barclaycard Mobile Payments.
“Over three quarters of retailers who have introduced contactless payments are processing an average of 30% more transactions each day, meaning those yet to start accepting ‘touch and go’ are potentially missing out on sales to their savvier competitors.”
