Contactless payments are rocketing, with 226% more contactless transactions compared to this time last year, according to new data from WorldPay.
Contactless payments have more than trebled (249%) between 2012 and 2013 (from 12.5m UK payments processed by WorldPay in December 2012 to 43.6mUK payments in December 2013). There are currently 38.1m contactless cards in circulation across the UK, making up 25.7% of all credit, and debit and charge cards.
Take up of contactless has been greatest in London with one in five (17%) using contactless cards, closely followed by Manchester and Leeds (12%). However, in Bristol contactless has failed to catch on with only 4% people using it.
In total, WorldPay customers have made more than 61m contactless payments with a total cash value of £433m. Latest transactional data from WorldPay shows consumer confidence in contactless has also grown with the average sale size increasing by 27% in just two years.
Dave Hobday, managing director of WorldPay UK, said: “Contactless means being able to serve customers faster and cut down queues. Today’s shoppers’ demand speedy service, and will walk away if they don’t get it. Using contactless means you’ll never miss a sale during peak times. That’s why last year we helped over 70 large retailers move to contactless. Not using contactless means you are out of touch with what your customers want.”
Research by WorldPay reveals 93% of people who have used contactless payments find them “quick and efficient” and 60% recognise the contactless symbol.
One in three people (31%) said they are irritated by how long it can take to pay in shops, while almost half (47%) are dissatisfied with the delay in making a card payment in a bar, café or restaurant, a further 65% said they would not visit again if forced to wait a long time.
Hobday said: “If you are a business regularly taking payments of £20 or less, installing contactless is a must for keeping your customers happier, serving them quicker, and getting as many sales as possible during peak times.”