Contactless spending has trebled in 12 months, says Barclaycard
Contactless spending has more than trebled in the last 12 months, with restaurants generating the second highest number of transactions, at 20%.
That's according to new data released today by Barclaycard, which also showed year-on-year consumer spend up by 13.6%, showing that people are choosing to eat and drink out more than before (although the trend for spending less per restaurant visit continues, with average amount spent falling 5.6%).
Pubs and bars were also found to be generating 4% in contactless transactions, with Barclaycard predicting that number to rise after the increase in spending limit from £20 to £30, set to be introduced from 1 September.
Year-on-year contactless spending was up 150% by value, and 134% by volume, while geographically, the city of Leeds saw the biggest yearly growth in this kind of transaction (a rise in 211%). Other top-growing cities included Blackpool (200% in the past year), Newcastle (192%), Manchester (191%), and Edinburgh (190%). London is the main user of the technology though, with 40% of transactions now made in this way, up from 30% in 2014.
The research also showed that over half of Brits (57%) expected to increase their contactless usage after the rise in the limit.
Half of contactless users are also now aged 50 and over, and women are becoming increasingly more likely to use the payment method, with female active customers making up 45% of users compared with just 36% at the end of last year.
Tami Hargreaves, head of contactless, Barclaycard, said: "In the 50 years that we've been in business, we've seen consumers adopt many innovations in payments that have become part of our everyday lives. Brits are renowned as fast adopters of new technologies that make our lives easier… Ultimately, the uptake of contactless spending is a ‘win-win' for consumers and businesses."
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