Contactless card payments have been around for a long time, and in fact it's been 11 years since they first launched here in the UK. But, despite that longevity and increasing popularity, they haven't managed to surpass regular card payments until now. As it turns out during the 12 months following June 2017 contactless payments grew to surpass the old-fashioned (ish) chip-and-pin system.
This was thanks to a 30 per cent increase over the previous year, but naturally only applies to payments made in shops. These figures don't include online shopping, obviously, because that would be ridiculous. The growth was helped in part thanks to a 114 per cent increase in sales from mobile payments, like Apple Pay, Android Pay, and the rest that most people don't bother with. It also helps that those payments don't have the same £30 limit applied to unsecured contactless cards.
Interestingly clothes shops saw a massive 415 per cent increase in contactless sales, and a 500 per cent increase in mobile payments. Also notable are betting shops and department stores which saw contactless payments rise between 150 and 250 per cent.
It's also at the point where Worldpay, who carried out the analysis, has predicted contactless payments will account for £38.5 billion worth of sales in the second half of this year. Its research also found that half of shoppers believe their phones will replace wallets within the next five years. Steve Newton, executive vice-president, said:
“Whether buying clothes or booking holidays, speed and ease are the watch words for meeting consumer expectations.
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.”