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BizReport : Trends & Ideas archives : August 29, 2016

UK Cards Association tracks rise of contactless payments

The cashless society may not be far away. More payments were made using contactless cards during the first half of 2016 than in all of last year, according to new research out of the UK.

by Helen Leggatt

Earlier this year, a survey of 1,500 people in the UK by Starcom found that almost three-quarters of the population expect cash to have gone out of fashion in five years' time. The idea of a cashless society appears to be a more comfortable prospect for men (52%) than women (39%) and those under the age of 35 are more relaxed about the idea (67%) compared to those over the age of 55 (50%).

New data, this time from the UK Cards Association, illustrates this trend playing out. It reveals that shoppers in the UK spent £9.27bn via 1.1bn contactless transactions between January and June compared with £7.75bn last year.

In June, 2015, contactless payments accounted for just 7% of all card spending, reported the Association in its latest Expenditure Report. June 2016 saw that figure rise to 18%.

"Contactless cards are firmly entrenched as the preferred way to pay for millions of consumers, who expect to be able to use them for everyday purchases," said Richard Koch, Head of Policy at the UK Cards Association.
"We anticipate the use of contactless cards will continue to increase, particularly as charities and transport operators outside London recognise the benefits the technology can bring."

Tags: contactless payments, payment methods, trends, UK

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