UK consumers getting pretty tappy when it comes to payment

Posted: 17th September 2021

When it comes to payments in the U.K. consumers are getting pretty tappy, with almost half of transactions predicted to be contactless by the close of 2022.

The use of contactless payments is set to account for 47% of all U.K. payments between this year and next, and are up by nearly a third since the start of the COVID-19 pandemic in March, 2020.

Those are top findings from a Centre of Retail Research study regarding the pandemic’s effect on how shoppers are paying for goods in the U.K. The study was commissioned by Vouchercodes.co.uk.

The study revealed cash payments will account for just over 11% between this year and next and that almost three quarters, 72%, of payments will be made by card within the year, according to a press release on the study’s findings.

“COVID-19 has forever changed the way consumers spend their money. With exponential increases in online orders during the pandemic, combined with increased contactless limits and retailers implementing cash bans, people have quickly adapted to relying on contactless payments for the bulk of purchases as a result.

“It remains to be seen whether the government will amend laws relating to legal tender, enabling retailers to permanently refuse to accept cash if they wish,” Anita Naik, lifestyle editor at VoucherCodes.co.uk, said in the release.

Source

Categories: Banking
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