Tag Archives: method of payment

Contactless payments: Older shoppers take the lead

contactless-payment-300Contactless card spending is on the up – and the grey pound is the engine behind it. Spending money with contactless payments topped £1.5bn in a month for the first time in March, with one in seven card transactions now contactless compared to one in 16 a year ago. 

The figures are also more than double those in August 2015 when we last featured contactless payments on this blog.

Experts put it down to older shoppers catching up with young people, with research from Barclaycard finding that the number of ‘tap and go’ payments made by those 60 or over has increased by 116% over the past year.

The 18-24 age group has seen a 49% rise, while among 26-45 year olds it has gone up 65% – however in the 46-60 year old age group, the number using contactless payments has increased by 97%.

The figures arguably that the older generation are increasingly turning to faster, easier (no need to tap in numbers) and arguably more secure contactless payments rather than cash.

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Could smartphones soon spell the end for card payments?

smartphone-hand-300Trains full of commuters tapping away, diners sitting in silence staring at their screens – some may think smartphones are getting the better of us.

However, Experian research has found that one in three Britons (33 per cent) believe that paying with a smartphone will take over from credit and debit card payments as the preferred method of payment by 2020.*

While cash and card payments are still the dominant force now, the survey found that people think the next five years will see a major shift, with 67% saying that cash will decrease in popularity, while two in five (41 per cent) think the use of credit and debit cards will plummet. Continue reading