Paymentsense have created an interactive asset which analyses data from consumers and leading experts to reveal the demand for improved payment technologies in the UK.
The study reveals via data from Transport for London that 1bn journeys in London will be made via contactless payment this year on London buses, trains, and the Tube.
Contactless was first introduced to London’s transport in September of 2014, and in less than 4 years it was already set to overtake oyster journeys (June 2018)
And the pattern is only set to continue, with 1.5bn contactless journeys predicted by 2025
The rise of contactless payment in the UK
Alongside the piece Paymentsense surveyed 2,000 Brits and Small Business Owners to find out their attitudes to new payment technologies.
Please find topline stats about contactless payment in the UK from the study:
- 68% of Brits still say cash is their MOST trusted payment method versus 45% for Chip and Pin and only 17% for contactless.
- Today, 31% of Brits say they would embrace new payment tech for added security but 28% of Brits reveal they are not at all comfortable with the idea of a cashless society – in comparison to only 9% of businesses.
- By 2020, card transactions will increase from 20.6 million (2017) to 47.4 million with the amount spent on card increasing two-fold. This said, the average spend on card will decrease from £33.14 to £24.91.