Contactless payments have seen huge leaps in the past three years

Contactless payments have seen huge leaps in the past three years

Figures from Lloyds Bank show how Covid-19 has changed the way people pay face-to-face, with around 90% now contactless.

According to UK Bank figures, 65% of face-to-face payments were made using contactless debit cards in June 2019 in the early stages of the pandemic – but by June 2022, this had risen to 87%.

The bank said the proportion of face-to-face payments through contactless debit cards was 72% in June 2020, and 83% in June 2021.

Contactless cards were first made available in the UK in 2007. Back then, there was a £10 spending limit. That limit rises to 30 pounds by 2020, but has seen significant increases during the pandemic. It was raised to £45 in April last year, and is now £100.

“The benefits of a contactless payment are clear when you look at the growth of this type of payment over time, with 87% of face-to-face debit card transactions now made using the technology,” said Gabby Collins, payments director at Lloyds. Bank.

Lloyds’ mobile app enables customers to choose their own spending limit up to a maximum of £100. Around 800,000 bank customers have used the tool since its launch in 2021.

Covid-19 has encouraged the adoption of contactless. When the pandemic took hold, people were asked to limit physical contact, including reducing the use of cash. Contactless payment technology, as the name suggests, was an ideal replacement for cash because, unlike mobile phone payment apps, most people already used payment cards. This leads groups of people, such as the elderly, usually slow to adopt modern technology.

Statistics from banking industry trade body UK FinancePublished in March, it shows that around £166bn was spent in the UK last year using contactless technology, compared to £80.5bn in 2019.

its recent The UK Payments Market 2022 The report said the epidemic was a transformative effect In the payments market, cash accelerated the continued decline in payment usage, while debit card usage also declined after years of growing usage.

“It has also led to changes in the types of payments used,” the report’s summary document says. “People have increasingly used contactless payments, online banking and mobile wallet channels, largely at the expense of cash payments.

According to figures from Lloyds, 95% of restaurant bills in the UK are paid using contactless technology – including mobile wallets – while 83% of payments in supermarkets are contactless.



Source link

Leave a Comment

Watch the Dior Spring Summer’23 fashion show #DIORSS23 Basketball Wives star Brooke Bailey announces daughter passes away in car accident Fortnite Season 3 Ends And Season 4 Begins Chrissy Teigen: I Didn’t Have A Miscarriage, I Had An Abortion ‘To Save My Life’ Don’t Worry Darling movie review
%d bloggers like this: