According to new data from UK banking giant, Barclaycard, the growth of contactless payments continues to spike, with 91 percent of its retail card payments in 2021 being made through contactless payments.
It comes amid a backdrop of loosening of restrictions on contactless payments in the UK, with the limit being raised twice since the start of the pandemic, and consumer trends of deeper engagement with the payment journey remaining.
Rob Cameron, CEO of Barclaycard Payments commented on the findings: “The increase to the £100 payment limit has been a great opportunity to take friction out of the purchase experience.
“This is especially the case in busy stores where queues can quickly build up; the faster that line moves through, the more likely shoppers are to have a good experience and want to come back. Speed at the checkout will often avoid shoppers going elsewhere, which is why the limit increase is a win-win for cardholders and merchants.
“Unsurprisingly, many consumers are increasingly reluctant to touch cash or PIN pads when they go to shops which is why innovations that enable a ‘low touch’ experience, such as contactless payments have really grown in popularity.”
Furthermore, the value has inevitably increased for the average contactless transaction as the limit was raised by the UK government, with an overall value of contactless transactions growing 40 percent annually.
The data from Barclaycard acts as a significant indication that consumer trends engaged with, during the pandemic, are likely to remain and will continue to be prevalant as we emerge into 2022 – with the digitalisation of the payment ecosystem continuing.