UK Hits Million Mark for Contactless Transactions
Latest data from Barclays and Barclaycard reveals the growing popularity of contactless payment technology in the UK, with the total number of transactions this year now reaching over one million. Since January there has been a 217% rise in monthly contactless transactions, with over 150,000 processed in September alone.
While contactless transactions remain a small part of overall card payments, increasing numbers of retailers and banks are committing to the technology, with contactless card holders predicted to reach 12 million in the UK by the end of the year.
Stuart Neal, head of payment acceptance at Barclaycard, said: “The latest statistics on contactless payment show we are reaching a tipping point. The number of terminals has gone from 25,000 at the beginning of 2010, to 42,500 today, and this is before the big grocers like Co-operative begin their roll out in earnest. At a time when every penny counts for retailers, contactless helps boost customer satisfaction and reduce queue abandonment.”