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Mobile Contactless Payments Treble in 2017

Mobile contactless payments by consumers in the UK have more than trebled in the first half of 2017.

The total amount spent by using various contactless payment mediums has boomed this year, with mobile payments showing the biggest increase.

According to the latest figures released by Worldpay, the UK’s largest credit and debit card payment processor, the amount of money spent using mobile payments topped ?370 million in the first six months of 2017.

The figure represents a 336 per cent increase in spending compared to the same period of last year, reflecting the fact that UK consumers have quickly adapted to using their devices to pay for goods and services.

Mobile payment is still relatively new in the UK, and with the recent launches of new mobile payment services such as Android pay and Samsung pay, the level of mobile spending is expected to continue rapidly increasing as time goes on.

Grocery shopping accounted for over half (55 per cent) of all mobile payments so far this year, with Londoners most likely to spend on their mobile devices, representing 28 per cent of the UK total. However, the rest of the country is also waking up to the service, as that London market share is down from 32 per cent in 2016.

Contactless payments in total now represent 38 per cent of all non-cash transactions in the UK, reaching ?9 billion in the first half of 2017, guaranteed to hugely surpass the ?10 billion total for the whole of 2016.

UK CMO of Worldpay, James Frost, said: ‘Mobile spending has shaken off the novelty tag, and is breaking its own spending records virtually every month. Granted there?s still some way to go before we start cutting up our cards and chucking away our wallets, but it?s easy to see why everyone from start-ups to tech giants is eager to have a stake in the technology.’

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