Cash no longer king as ‘touch and go’ begins to grow

50% of all Brits now use contactless payment at least once a month, with 21% planning to increase their usage

The British public is beginning to fall out of love with cash, as chip and pin increasingly becomes the preferred payment option for many, according to new research from Barclaycard.

The survey of 2,001 UK adults revealed that 30% of respondents now pay with less cash than they did 12 months ago, with 18% planning to lessen their usage in the coming months.

Highlighting the importance for businesses to offer a ‘touch and go’ payment method, 50% of British shoppers now use their contactless card at least once a month with 21% also planning to use it more frequently.

You may also like: Advice on taking payments

In the past year, contactless transactions leapt 173% by value and 112% by volume.

Tami Hargreaves, commercial director, digital consumer payments at Barclaycard, said:

“Our data shows that electronic options such as Chip and PIN, contactless and mobile are quickly becoming the preferred way to pay for goods and services.

“And with shoppers carrying less cash this trend is only set to continue; in fact we expect 2016 to be a record breaking year for card payments.”

Comments

(will not be published)