UK shoppers embraced contactless funds in 2022

The information: UK Barclays cardholders made a median of 220 tap-to-pay transactions final yr, totaling £3,327 ($4,099) per particular person, per a press launch. The entire worth of contactless funds made with UK Barclays playing cards elevated 49.7% yr over yr (YoY) in 2022.

Barclays—which oversees practically half of the UK’s card spending—highlighted different contactless cost developments:

• Cell wallets accounted for 4.1% of all contactless funds worth final yr, up from 3% in 2021.
• Contactless spending grew the strongest amongst shoppers aged 65 and older.
• Northern Eire and Scotland had been house to the quickest contactless funds consumer development within the UK.

How we acquired right here: Whereas contactless funds have lengthy been widespread within the UK, three components helped gasoline increased adoption final yr.

• Greater contactless cost restrict. The UK raised the contactless cost restrict from £45 ($55) to £100 ($123) on the finish of 2021. This gave shoppers extra alternatives to make use of their playing cards in-store.
• Stronger acceptance. All bank-issued card terminals within the UK have accepted contactless funds since January 2020, in response to UK Finance. However extra retailers, particularly small companies, have began upgrading their funds {hardware}, increasing contactless acceptance all through the UK—making it simpler for cardholders to make contactless transactions.
• Elevated cell pockets use. Whereas playing cards make up a lot of the UK’s contactless funds phase, cell wallets have made headway: The variety of UK proximity cell cost customers grew 10.7% YoY in 2022, accounting for a little bit over 23% of the UK’s inhabitants, per Insider Intelligence forecasts. Cell wallets may seize extra contactless cost quantity going ahead as gamers like Apple Pay and Google Pay broaden their options.

The underside line: UK cost habits are evolving as shoppers embrace digital comfort and use much less money. This pattern ought to be top-of-mind for cost suppliers attempting to extend engagement and develop instruments that enchantment to clients.

Associated content material: Try our new UK Client Cost Habits report to learn the way shoppers are serving to form the UK’s funds ecosystem.