Global payment processor, WorldPay has announced that the number of UK contactless transactions on debit and credit cards has risen by nearly 50% in the last six months from 16.33 million in November 2014 to 24.4 million in April 2015. Furthermore WorldPay states that this represents an increase of 964% in just the last two years.
With the majority of people in the UK located in London and in the South of England, it is not surprising that WorldPay reports that London boasts the largest share of transactions with 38%, South-east England accounted for 12%, East Anglia accounted for 10% and remaining Southern England accounted for additional 9%. Meaning nearly 70% of all UK contactless transactions are taking place in Southern England.
Commenting on the results Dave Hobday, UK managing director of WorldPay said,
“Consumers demand convenience and contactless offers this beyond any other payment method. Once seen as a nice-to-have, contactless is now an essential payment method for increasing numbers of businesses in the retail, hospitality and entertainment sectors.”
With contactless debit and credit issuance growing in the UK, transaction volume is expected to continue its robust growth in the near future and soon could become the dominant form of payment for more everyday transactions and displace cash as a transaction method for low value payments.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service at Mercator Advisory Group
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