Contactless spending in the UK grows 30%

On August 24, according to foreign media reports, affected by the new crown epidemic, contactless consumption in the UK has increased by 30% .

Reports show that the global outbreak of the new coronavirus has permanently changed the way British people consume. More and more consumers have begun to use contactless credit cards for consumption due to the need for epidemic prevention and control . It is estimated that by the end of next year , contactless credit card consumption will account for nearly half of all transactions in the UK .

In fact, it is not just the UK that has seen a surge in contactless credit card spending . Contactless spending is popular all over the world. According to a new report from VoucherCodes released by the Centre for Retail Research , before the epidemic, about 37% of transactions were completed by chip and PIN card payment, while contactless payment accounted for only 17%.

However, following the pandemic, it is expected that between 2021 and 2022, the proportion of chip-and-PIN payments will drop to 25% of all transactions , and the use of cash will drop significantly to 11% , while contactless bank card payments will rise to 47% , with transaction volume reaching US$2.5 trillion , bringing the proportion of bank card payments in total consumption to 72% .

This means that by the end of next year, contactless transactions will replace chip-and-PIN card payments for the first time and become the most used and popular payment method.

In this regard, Anita Naik, editor of US Retail Research, said that the epidemic has permanently changed the way consumers spend . With the rise of e-commerce, bank card payments have become particularly popular during the epidemic, and more and more people are beginning to abandon chip-and-PIN card payments and choose bank cards. During the epidemic, online orders have also grown exponentially .

But it is worth noting that although contactless payment methods are gradually becoming a trend, cash payment still occupies an important position in people's minds.

Nowadays, more and more people overseas have accepted contactless bank card payments, which will further promote the development of e-commerce to a certain extent. I believe that the future will definitely be a world of contactless transactions!

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