Contactless payments now more popular than chip and pin transactions
Contactless payments have become more popular than chip-and-pin card transactions for the first time in the UK, according to a major payment processing company.
Worldpay said it happened in June, when 51% of in-store card transactions were contactless, rising to 52% in July. Analysis of the company’s data showed that use of the newer payment method jumped by 30% between June 2017 and June 2018.
The popularity of contactless has increased as the upper limit on transactions has risen to £30 while the number of businesses accepting the payment method has grown.
Steve Newton, executive vice president at Worldpay, said: “The rise of contactless is part of a bigger story: it’s not simply about tap and go – it’s about convenience and reducing the parts of the shopping experience that customers find irritating, like queuing and waiting to pay.”
Worldpay processes payments for a number of large and small businesses across the world and says it accounts for more than two-fifths of all UK card payments.