Transaction Trends

Mobile and wearable payments grew significantly over the last year in the United Kingdom, according new data from Barclaycard released last week. Mobile-based ‘touch and go’ payments experienced a 365 percent increase over the last 12 months, according to Barclaycard, with payments from wearable payments-enabled products like smartwatches and jewelry climbing 129 percent in the same amount of time.
Contactless card payments also saw strong growth in the United Kingdom, growing 72 percent in 2017 and now accounting for six in ten electronic transactions up to the £30 spending limit, the financial institution said.

“The surge in popularity of wearable and mobile payments creates exciting opportunities for shoppers and brands alike,” said Adam Herson, Business Development Director, Barclaycard Mobile Payments, said. “Consumers can now choose the type of accessory or device they want and match it to their lifestyle or fashion taste, all while enjoying the speed, ease and convenience that contactless brings.”

Passenger railways and car parking were the two fastest growing verticals for contactless payments in 2018, Barclaycard said, growing 235 percent and 132 percent respectively. Clothing retailers and department stores experiences 85 percent and 67 percent growth respectively.

Barclaycard says that ‘touch and go’ spending is set to rocket 317 percent by 2021, saving UK shoppers almost £1 billion worth of time over the same period. Click here to view the data from Barclaycard.

With the introduction of NFC-enabled smartphones, mobile wallets, frictionless payment solutions and next-generation authentication, contactless payments are set to rise in the United States as well. TRANSACT, the world’s largest payments technology event, will prominently feature contactless payments in its first-ever Contactless Zone, presented by FreedomPay.