Users made an average of 220 tap-based transactions last year, totaling £3,327 per consumer. Last year, contactless payments spiked by 49.7 percent based on their total value as people throughout the United Kingdom headed back in-store equipped with tap-and-go technology. The £100 transaction limit appeared to work well for consumers as they shopped in person again. This data was released in a report from Barclays, which transacts almost half the debit and credit card spending across the United Kingdom. It went on to show that a record 91.2 percent of…
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Contactless payments to account for 1 in 3 in-store transaction by 2020, report
Payment cards and mobile wallets will reach $2 trillion in two years. Worldwide, in-store contactless payments transactions will exceed $1 trillion for the first time this year. This is according to recent data published by Juniper Research. The leading fintech analysts also estimate that, globally, in-store contactless monetary transactions will hit $2 trillion by 2020 and will represent 15 percent of the total point-of-sale transactions. Both card payments and mobile wallets are expected to drive the growing use of these payments. Even though both of these contactless payments will be…
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