Increased adoption of contactless technology demonstrates British consumers’ enthusiasm to embrace new technologies
Contactless technology continues to proliferate as the most widely adopted form of electronic payment in European history, with almost one in two in-store card transactions in the UK now being contactless.
Transport is one of the main areas fuelling the growth of contactless transactions as they enable faster transactions and greater security. Transport for London is a shining example of the increasing number of commuters using contactless, as the technology takes a more prominent role in everyday life. While the acceptance of contactless as standard in the UK, by 2020 all point-of-sale terminals in Europe will be contactless enabled.
New data from Mastercard show a 95% increase in UK contactless transactions year-to-date. Contactless already represents 46% of all transactions each month. Continuous technological advancements in payments and data analytics across Europe is enabling countries to fully embrace the constant improvements of regional technology infrastructures. As a result, each country, including the UK, is able to operate in more integrated and efficient ways.
The UK is one of the leaders in Europe for tap payments and its popularity is also evidenced by the fact that consumers now believe contactless is just as safe or more secure than traditional forms of payment.
“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,” said Mark Barnett, President of Mastercard in the UK.