By Sarah Clark
A record 94.6 per cent of all eligible in-store card transactions were made using contactless in the UK in 2024, Barclays reports, “surpassing the previous year’s record of 93.4 per cent”.
Shoppers also used the technology more frequently in 2024 – on average, 236 times across the year compared to 231 times in 2023. The cost of the average purchase also increased, to £16.10 (US$20.84) from £15.69 (US$20.31) in 2023.
“This equates to [a] total average contactless spend of £3,803 [US$4,923.10] per person in 2024, up from £3,623 [US$4,689.88] in 2023,” Barclays says.
“For the fourth consecutive year, the over 65s were the fastest growing group of contactless users, with 84.1 per cent of this group currently using this payment method,” the bank adds.
“Convenience continued to drive uptake, as over two-thirds (67%) of those aged 61-79 agree that contactless payments are easier than chip and PIN transactions.
“For payments above £100, the popularity of chip and PIN has remained consistent year-on-year; across all age groups, four-fifths (78%) name it amongst their most used method, followed by cash (29%), and then mobile wallets (24%).
“For the younger generations however, mobile wallets outrank cash; two-fifths (42%) of Gen Z and a third (33%) of millennials select mobile payments as one of their top preferences for payments above £100, compared to 30 per cent of Gen Z and 27 per cent of millennials who opt to use cash.”
