Contactless payments across the UK dramatically grew amid the pandemic
ComputerWeekly.com reveals that contactless payments in the UK accounted for 88.6% of total card payments in 2020, according to data from Barclaycard. That’s because restrictions on contact-based payments drove people to the payment method.
The total value of contactless payments grew by 7% in 2020 compared to 2019, despite many shops closing for long periods during various lockdowns. For instance, there was a 29% increase in the use of contactless in UK grocery stores.
The report states that contactless cards were first introduced in 2007 with a £10 spending limit. This limit has gradually increased, and the maximum contactless payment permitted is now £45 after it was brought up from £30 in April 2020.
However, contactless cards do not verify whether the person making the payment is the card owner. But UK Finance said contactless-only fraud equates to just 2.5p in every £100 spent.
Barclaycard said that users made 141 payments using contactless in 2020 on average, which was worth an average of £1,640 in total.
The data also highlights that nearly 2/3 of debit card payments in September 2020 were contactless, which was a record high. UK Finance found that 64% of all debit card transactions were made by contactless cards, compared to 62% in the previous month.
We’ve reported that 11 of the 14 UK sectors anticipated stronger output growth as the UK’s COVID-19 vaccination program got underway.