
Payment service provider Worldpay has experienced a 160 per cent growth of contactless payments across the country in 2015, with a monthly peak of 45m tap and go transactions.
Public adoption of the payment method would have risen since 1 September when the limit per transaction was increased from £20 to £30. The average food shop is valued at £25 and card spends in cinemas, pubs and gift shops are generally under £30 too.Read more on contactless payments:
- MasterCard to power contactless payments on premium watches
- The 11 UK cities where your business risks losses by snubbing cashless consumers
- Mainstream money: Changing your small business with contactless payments
Worldpay has now processed over £4bn worth of contactless sales since 2012. It cautioned that tap and go is becoming expected by consumers, which means retailers yet to embrace the service are in danger of being left behind. Indeed, it will be mandatory to support contactless at all UK terminals in 2020.
Apple Pay officially launched in the UK in July 2015, at which time Real Business heard from leaders at 12 British companies in various sectors about how they felt about the arrival of the disruptive payment service.
By Zen TerrelongeShare this story