Following Worldpay’s announcement today (16 Oct) that contactless overtook chip & PIN for in-store card payments this year,

Sam Murrant, Senior Analyst in Payments at GlobalData, a leading data and analytics company, offers his view on role of contactless cards in the UK:

‘‘Contactless card holding and usage has been on a meteoric upward trajectory in the last five years, and shows no sign of stopping. According to GlobalData’s annual Consumer Payments Insight Survey, in 2018 62% of UK consumers used a contactless card regularly at the point of sale, while as recently as 2014 only 20% of UK consumers did so.

“This change in consumer behavior has significant implications for the role of cash in the UK because as consumers move to contactless for low-value transactions they move away from cash use. The payments industry has a vested interest in the reduction of the cash economy, and this milestone in contactless use may lead to further scaling back of ATM networks, putting more pressure on low-income consumers and small businesses that currently rely on cash.”

ENDS

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