Contactless spending has skyrocketed in the past 12 months as UK shoppers seek out faster service at the till point.
Payments via mobile and wearable devices are up by 365% and 129% respectively, while contactless payments across credit and debit cards also saw an overall 79% jump in spend in 2017, new Barclaycard data reveals.
The spike in usage of mobile and wearable payments indicates not only an increased demand by consumers to pay quickly and easily, but also a desire to opt for a contactless payment method which best suits their needs, said Adam Herson, business development director for Barclaycard Mobile Payments.
With ‘touch and go’ now accounting for more than 62% of electronic transactions up to the £30 spending limit, this latest data demonstrates just how ubiquitous the technology has become, Herson added.
Contactless spending in convenience stores specifically grew by 46% in 2017. The highest growth seen in passenger railways and carparks.
According to Barclaycard, ‘touch and go’ technology saves an average of seven seconds per transaction compared to Chip and PIN, and 15 second when compared to cash.
Additional research from Barclaycard’s ‘Time is Money’ report found that ‘touch and go’ spending is set to rocket 317% by 2021.