Consumers and retailers prefer contactless payment

Contactless payment systems are the new normal and are fast becoming the preferred payment method in the UK, with one out of five payments now being made by a contactless card.

While the technology was not immediately embraced by either retailers or consumers, the UK Cards Association, which reveals monthly card expenditure and payment statistics, revealed in the year to June 2016 there were are total of 92.1 million contactless cards in issue in the UK, with 1,882.8 million spent in the month using a contactless card in 218.9 million contactless transactions.

In the UK, regulations will come into effect in 2020 requiring all card terminals in the UK to be contactless enabled.

Sandra Alzetta, Executive Director of Core Products at Visa Europe stated: “Contactless momentum continues to build as more and more people discover it’s often the quickest and most convenient way to pay for everyday things. Across Europe, usage levels have soared, with more than one billion contactless transactions made by Visa cardholders in the last 12 months alone. The popularity of contactless will only increase in future as we experience the next generation of digital payments, where the simplicity and convenience is extended to mobile and wearable NFC technology.