Brits say the majority of their payments are now contactless

Here’s how British consumers and employees like to be rewarded and paid

contactless payments

Brits say the majority of their payments are now contactless. Source: unsplash.com

According to daVinci Payments, over half of the consumers in the UK say that 75% or more of their payments are now contactless.

The use of mobile wallets and payment apps linked to a credit card, debit card, or prepaid card for in-person payments keeps rising in prevalence in the UK. In fact, over 50% of the respondents received payments via payment apps and more than 20% via mobile wallets in the last 6 months.

New, non-traditional payments are becoming a mainstay, making it imperative for businesses to embrace new payment innovations to meet consumers’ demand and need for instant payments. Additionally, as people continue to adopt mobile wallets and payment apps as part of their routine, businesses are quickly seeing the value of merging payment and loyalty programs. For brands to build and nurture relationships with consumers, they’ll need to offer increased convenience when it comes to payments—and pairing that accessibility with digital incentives only further drives loyalty
Sebastien Van Schalkwyk, managing director, Europe at daVinci Payments

The data found that the payment app usage also continues to rise in popularity for online payments and is now a payment preference of choice for 38% of consumers.

Meanwhile, brands and employers looking to incentivize employees and consumers should note an increasing amount of people care about instant payments and rewards.

For instance, when asked if respondents would prefer to receive a virtual card delivered or a physical card mailed to their home, 52% prefer to receive an instant virtual card.

For cashback rewards for purchases, when given the choice between receiving a bank account payment that takes 2 days to process and an instant payment like a prepaid card, nearly 40% of UK consumers would choose to receive an instant payment prepaid card rather than waiting to be paid.

If they received a prepaid card for a cashback reward, 56% of consumers would prefer an instant virtual prepaid card over a physical prepaid card that is mailed to them.

We’ve reported that the national QR payments system will soon be launched in Australia.

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