August 07 ,2018 | by LSBF Blog Staff

Contactless payments become top choice for UK adults, research shows

Contactless payments become top choice for UK adults

Research from comparison website GoCompare Money has shown that contactless payments have become the top choice for UK adults, with more than 75% using this method of payment in the past year.

The study explored payment trends and found that UK adults now favour contactless payments over traditional payment methods, with more than 19 million people in the UK using contactless payments for purchases under £30.

Payment revolution 

The study identified which age groups are making use of contactless payments, with 35 to 54-year-olds being found to be driving the payment revolution, as adults in this age group are the most likely to prefer using contactless payments over other methods.

Those in the 25 to 34 age group are also likely to use contactless payments, with 36% using this method. Overall, 75% of UK adults have used contactless payments over the past 12 months, compared to just 13% who have used other methods such as smartphones and wearable technology such as watches.

Cash still remains a popular payment method for UK adults, with 36.6% using this method over the past year, while debit cards and credit cards were found to be less popular, with these being used by 16.1% and 10% respectively. 

Convenience

The research revealed the top reasons for contactless payments rising in popularity, with 73% of respondents citing convenience as their main reason for using them. This was followed by a dislike of cash (19%), having difficulty remembering PINS and passwords (one in ten respondents), disliking having to enter PINs or card details when purchasing items (13%), and always having a way to pay for items (17%).

LSBF Blog Staff

The official profile of the World's Business School. Follow us on Twitter at @LSBF

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