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Nearly half of UK transactions now contactless

September 19, 2018

The UK’s love affair with contactless payments continues to flourish, with almost one in two transactions now tap and pay, according to Mastercard figures.

There has been a 95% increase in contactless transaction in the year to date, with the technology now representing 46% of all transactions every month, says Mastercard.

This puts the UK at the forefront of the tap and pay revolution, with Transport for London cited as a major driving force for adoption.

Now more than a decade old, the technology is also shedding its reputation as as security problem. Long gone are the days when wary users covered their wallets in tin foil, with most people now believing contactless is at least as safe as traditional payment methods.

In fact, a recent survey from GoCompare found that nearly half of Brits now want the contactless limit increased from £30 to at least £50.

“The UK is a global leader in its use of contactless. The technology has fast become synonymous with our everyday payments. It is faster and easier to use than cash and yet it affords more security. As such the adoption and trust in contactless can only increase from here,” says Mark Barnett, president, Mastercard in the UK.

Link: Nearly half of UK transactions now contactless