Contactless Payments: The Preferred Choice for British Consumers

Contactless payments have taken over the retail landscape in Britain, with a staggering 93.4% of all in-store card transactions under £100 being conducted through touch and pay methods in 2023. This data from Barclays showcases the significant shift towards contactless payment methods in the UK.

What is even more noteworthy is the growth among older generations in adopting contactless payments. Individuals aged 65 and above have shown a remarkable increase in using touchless transactions, with usage reaching 80% among those aged 85 to 95. Overall, there was a 7.8% increase in touchless transactions in the UK compared to the previous year.

The average individual in the UK made 231 contactless transactions in 2023, up from 220 in the previous year. Not only are people making more transactions, but they are also purchasing more expensive items. Consequently, total consumer spending through contactless payments rose by 8.9% to £3,623 for the year.

While the age gap in contactless payment usage is decreasing, younger consumers are demonstrating a preference for mobile payments. More individuals aged 18 to 34 are opting to pay with their phones rather than using physical cards. In fact, 22% of shoppers in this age group do not even carry a wallet when they go shopping. Additionally, 15% of those ages 18 to 34 prefer scanning a QR code to pay at a restaurant, eliminating the need to wait for the bill at the end of a meal.

Interestingly, when it comes to high-value purchases exceeding £100, traditional payment methods are still favored in the UK. Chip and PIN cards and cash remain popular options for big-ticket items, with mobile wallets ranking third in popularity.

These trends underscore the prevailing preference for contactless payments over cash in the UK. According to a survey from takepayments in 2023, almost half of respondents (48%) favored contactless card payments, surpassing cash (17%) and chip and PIN transactions (11%). The shift towards contactless payments in Britain seems to be a lasting trend that is reshaping the way consumers make purchases.

spot_img

More from this stream

Recomended

Cori Korn Joins Schmidt Associates as New Business Development Representative

Indianapolis – Schmidt Associates, a leading Midwest architectural and engineering firm, is thrilled to announce the addition of Cori Korn, CFRM to the position of business development...

‘Container throughput rises in March’

The Northwest Seaport Alliance’s (NWSA) has reported that container volumes reached 261,495 TEU in March, marking an 8.5 per cent growth over the same month in 2023. Year-to-date (YTD) volume...

Get Discounts on Sustainable Tech and Home Products with Earth Day Deals 2024

Avocado is currently offering significant savings on its range of organic, vegan, and eco-friendly mattresses. Customers can save as much as $1,650 on the Green and Luxury mattresses. In addition to...

Powerful Image Editing Tool for Professionals and Hobbyists

GIMP.org, the official website of GNU Image Manipulation Program (GIMP), continues to be one of the go-to resources for image editing enthusiasts worldwide. With its robust feature set and...

New Space Combat Standards Set by Star Wars Outlaws

Massive Entertainment’s latest venture into the Star Wars universe, Star Wars Outlaws, promises an exhilarating space combat experience that’s both accessible and action-packed. Julian Gerighty, the......

Delivering Dynamic News and Entertainment to the Audience

NDR, short for Norddeutscher Rundfunk, is a prominent public broadcasting organization based in Northern Germany. As part of their commitment to providing reliable news and engaging content to their...