Contactless payments are now the most popular form of card payment when it comes to in-store transactions.
This is according to new figures by Worldpay, which reports a 30 per cent increase in contactless usage, resulting in it overtaking chip and pin payments to become the number one choice for UK consumers.
The company also says this is becoming a trend, as it continues from the first half of the year into the second half. It goes on to predict that during the second half, UK consumers will spend up to £38.5 billion via contactless.
The biggest drivers in the adoption of contactless payments are smartphone manufacturers, as they offer services like Apple Pay, Samsung pay or Google Pay. This triumvirate has seen an increase of 114 per cent on the high street in the same period.
The industry that took most advantage of contactless payment is fashion – a sector that reported a 415 per cent increase, compared to the same period last year. Betting shops and department stores have seen between 150 and 250 per cent increase.
“The data clearly shows that shoppers are moving towards more convenient forms of payment. This aligns to what we’re seeing in a number of sectors: time-poor consumers want instant access to their goods. Whether buying clothes or booking holidays, speed and ease are the watch words for meeting consumer expectations. The popularity of online shopping, mobile payments and click-and-collect is testament to this,” commented Steve Newton, Executive Vice President at Worldpay.
“The rise of contactless is part of a bigger story: it’s not simply about tap and go – it’s about convenience and reducing the parts of the shopping experience that customers find irritating, like queuing and waiting to pay. Over 50 per cent of shoppers believe that their phones could replace their wallets within the next five years – the phenomenal growth of mobile contactless is a leap along this path. With the added benefit ‘limitless’ transactions and biometric security offered by mobile wallets, our smart phones could be the key to the next frontier of frictionless commerce.”
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