Barclaycard marked the 10-year anniversary of launching contactless payments in the U.K. last week with figures that show how the technology has benefited consumers and merchants.
Over the past decade, more than 60 billion pounds ($78.1 billion) has been spent using contactless cards and devices and today more than half (51 percent) of eligible transactions up to the 30 pound ($39.06) limit are made using the technology.
Barclaycard research shows that 6 in 10 Brits choose to pay with contactless cards and devices when the option is available; use is projected to rise 317 percent by 2021, according to a press release.
New data from the Barclaycard Contactless Spending Index also reveals that 9 in 10 eligible transactions in fast food outlets (91 percent) and pubs and bars (89 percent) are now made using contactless when the option is available. While in supermarkets and convenience stores more than three quarters (76 percent) of purchases up to 30 pounds in value are made using “touch and go.”
In the past 12 months, contactless spending has continued to grow across all sectors. Clothing stores have seen the biggest jump with a 321 percent year-on-year rise, followed by parking lots (137 percent), department stores (126 percent), supermarkets (124 percent) and gift, card and novelty shops (105 percent).
“Over the past decade contactless payments have transformed how we shop, travel and trade, making buying and selling quicker and easier,” said Tami Hargreaves, director of innovation and partnerships at Barclaycard mobile payments. “Today there is more choice than ever — from card to cash, mobile payments and wearables.”