Payment preferences lean towards quicker tap-and-pay methods

Last October the contactless limit was increased from £45 to £100. This changed aimed to make paying more convenient by making it possible for more items to be paid for with the quick tap-and-pay method. Customers appear to be making use of this rise in the limit, as can be seen from a recent UK Finance report.

What are the keys trends we’ve seen?

1. Contactless has become the most common method of card payment. In December 2021 contactless hit a record level with 69% of all debit card transactions and 56% of credit card transactions being contactless.
2. The average spend of contactless transactions has increased. The average spend via contactless rose by 30% between October 2021, when the increase occurred, and December 2021.
3. Contactless payment continues to grow as a payment method of choice year on year. In 2021 13.1 billion contactless payments were made, which is 36% higher than in 2020 and 52% higher than 2019.
4. The total amount spent via contactless transactions continues to increase. In 2021 the value of contactless transactions was £165.9 billion, 46% higher than 2020 and 106% higher than 2019.

Contactless payments are fast becoming the most popular and most valuable method of face to face payment.

All of our card machines allow you to take contactless payments quickly and securely wherever your customers are, be that at a till, at their table, around the site or out in the field. You can view our range of card machines here.