Recent surveys from the U.K. again highlight the difference between the market for contactless cards there vs. in the U.S.
A survey from Barclaycard says that British consumers now use contactless payments for more than half (51%) of their transactions under the limit of 30£.
The survey reported that contactless spending is up 34% since the beginning of 2017.
The news is part of the company’s quarterly Contactless Spending Index, and it comes just ahead of the tenth anniversary of the introduction of contactless into the U.K. in September.
According to Barclaycard, the use of contactless takes seven fewer seconds than a chip-and-PIN transaction. As PaymentFacilitator.com has reported before, that factor could push the U.S. to adopt mobile payments faster, as that additional seven seconds has made for a poor consumer experience in the U.S.
At the same time, data from the U.K. Cards Association, a trade organization for the payment card industry in the U.K., says that card payments have doubled over the past ten years, driven largely by that rise of contactless payments.
The report said that continued growth in contactless and mobile payments is expected to drive further increases in card usage over the next decade.
“Card payments play a central role in our economy, with spending equivalent to a third of the U.K.’s GDP. As consumers continue to make the switch from cash to contactless and with the rise of the app-economy, we forecast that the number of card payments will grow substantially over the next decade too,” Graham Peacop, chief executive of the U.K. Cards Association, said in a press release.
The report also noted that transaction volume is growing more rapidly than the amount spent on cards, indicating that shoppers are using cards to pay for lower-value purchases.
According to the report, 39% of all card transactions were either online or contactless at the end of last year, a number that was up from 24% the same time last year.