Barclays Reports A Rise In Contactless Transactions

In 2022, the total value of all contactless payments went up by 49.7%. This was because Brits took advantage of the £100 transaction limit and went back to shopping on the high street after all coronavirus restrictions were lifted.

Barclays, which handles almost half of all debit and credit card spending in the United States, has released new information showing that a record 91.2% of all eligible card transactions were made using contactless payments last year.

The average contactless user made 220 “touch and go” payments last year, which is up from 180 in 2021. The average transaction was worth £15.13, which is 18.5% more than in 2021.

Over the £100 card limit, the value of contactless payments made with a mobile wallet grew quickly. Last year, these payments made up 4.1% of the total value of all contactless transactions. The year before, they made up only 3%.

For the second year in a row, the number of people over 65 who use contactless payments grew by 3.8%, which was the most of any age group.

Adam Lishman, who works at Barclays as head of consumer products, says:

“The higher £100 limit, introduced at the end of 2021, really made its mark as shoppers flooded back to high streets following the easing of coronavirus restrictions, leading to a surge in transactions. Brits are also becoming more comfortable making high-value contactless payments from their mobile, with these transactions accounting for an even greater share of total contactless spend.”