Contactless overtakes Chip and PIN for in-store transactions
Worldpay is declaring a tipping point for contactless payments in the UK, as tap and pay transactions overtake Chip and Pin for in-store card payments for the first time.
The latest figures from Worldpay show that contactless usage jumped by 30% in the past year to become the most popular form of card payment for in-store transactions.
Fashion retailers have seen the greatest shift from Chip and PIN to contactless, with the sector citing a massive 415% year-on-year increase. Mobile contactless payments also rose significantly in the clothing and footwear sector, up almost 500% over the past year. Betting shops and department stores also saw significant growth of mobile contactless payments: between 150-250%.
Worldpay predicts that during the final six months of 2018, UK shoppers could spend up to £38.5billion via contactless transactions in-store. Part of this growth comes from the rise in use of mobile wallets such as Apple Pay, Samsung Pay and Google Pay, which have seen a 114% increase on the high street over the same period.
– Finextra –