The top merchants in the rise of contactless payments
Now that contactless payments have become the social norm for many retailers and businesses, here are the top 20 industries utilising this technology
Despite customers across the UK often experiencing ‘sorry, we don’t take contactless payments’ apologies at the till, it’s clear that tap-to-pay is on the rise.
Furthermore, a Paymentsense report recently revealed a clear rise in contactless payments across a variety of merchants between October 2016 and March 2017. Some merchants even achieved a month-on-month increase throughout the period. This was calculated by utilising the comprehensive pool of customer data, which records the amount of transactions their merchants have accepted by card, and how many by contactless payments.
The results were convincing – across the board, merchants had seen their contactless payment sales increase more than their chip & PIN transactions. This would suggest that the need to provide contactless card payment machines is now paramount for all merchants. By looking even closer at the data, and more specifically at the sum total of contactless payments across key industries, it’s possible to identify possible leaders in the rise of contactless payments.
Combining these findings with a report from UK Card Associations that shows contactless payment spend during the first two months of 2017 experienced a 169 per cent YoY increase from £2,425 to £6,530 billion, the message is much more positive, and loud and clear.