Nearly Half Of All UK Payments Are Now Contactless

Posted Wed, 09/19/2018 - 19:00
By News

Mastercard says the adoption of contactless payment is growing rapidly.

We have come to a point where almost every second payment made in a store is done with a contactless card

New data from Mastercard found that there has been a 95 per cent jump in contactless transactions, year-to-date in the UK,  with the technology now accounting for 46 per cent of all monthly transactions.

The company says that contactless technology is the “most widely adopted form of electronic payment in European history”, with the UK one of Europe’s leaders when it comes to tap payment systems. Consumers are also happy with the technology, seeing it as equally safe (or even safer), compared to traditional payment methods.

Transport for London was named as a “shining example” of how it looks when more and more people use contactless on a daily basis. Apparently, by the time we hit 2020, all point-of-sale terminals in Europe will have enabled contactless payment options.

“The UK is a global leader in its use of contactless. The technology has fast become synonymous with our everyday payments. It is faster and easier to use than cash and yet it affords more security. As such the adoption and trust in contactless can only increase from here,” said Mark Barnett, President of Mastercard in the UK.

Visa has had a similar report two weeks ago, claiming the UK now leads the way when it comes to the top users of contactless technology in Europe. Millennials are the generation that help propel the technology forward.

Source