Banking News

UK contactless payment volumes surge 336%

UK contactless payment volumes surge 336%

(18 August 2017 – United Kingdom) Mobile tap-and-pay spending is rapidly increasing in Britain, according to payment firm Worldpay.

The firm said the growth is being driven by the popularity of contactless payments at the point-of-sale. Worldpay’s transactional data indicates that mobile contactless payments topped £370 million in the first six months of 2017, a 336 percent year on year increase.

The company says mobile devices as a payment method have gained widespread popularity only in the last 12 months, despite the local launch of Apple Pay in 2015.

James Frost, UK CMO, Worldpay said, “Mobile spending has shaken off the novelty tag, and is breaking its own spending records virtually every month. Granted there’s still some way to go before we start cutting up our cards and chucking away our wallets, but it’s easy to see why everyone from startups to tech giants is eager to have a stake in the technology.”

Supermarkets and grocery stores continue to dominate the mobile tap and pay market, accounting for 55 percent of total spend so far in 2017. Londoners still spend the most on their mobiles, but the proportion of transactions concentrated around the Capital has reduced from 32 percent at the end of 2016, to 28 percent in 2017, as adoption becomes more widespread across the UK.

Spending on all forms of contactless systems now accounts for 38 percent of all non-cash transactions in the UK. Total contactless spend in 2017 reached £9 billion up to June, compared to £10 billion for the whole of 2016.

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