Contactless rise puts cash under pressure, says GlobalData

stacked coins money

Following Worldpay’s announcement today (16 Oct) that contactless overtook chip & PIN for in-store card payments this year,

Sam Murrant, Senior Analyst in Payments at GlobalData, a leading data and analytics company, offers his view on role of contactless cards in the UK:

‘‘Contactless card holding and usage has been on a meteoric upward trajectory in the last five years, and shows no sign of stopping. According to GlobalData’s annual Consumer Payments Insight Survey, in 2018 62% of UK consumers used a contactless card regularly at the point of sale, while as recently as 2014 only 20% of UK consumers did so.

“This change in consumer behavior has significant implications for the role of cash in the UK because as consumers move to contactless for low-value transactions they move away from cash use. The payments industry has a vested interest in the reduction of the cash economy, and this milestone in contactless use may lead to further scaling back of ATM networks, putting more pressure on low-income consumers and small businesses that currently rely on cash.”

ENDS

For more information

To gain access to our latest press releases: GlobalData Media Centre

Analysts available for comment. Please contact the GlobalData Press Office:

EMEA & Americas: +44 (0)207 832 4399

Asia-Pacific: +91 40 6616 6809

GlobalData.com | LinkedIn | Twitter

About GlobalData
4,000 of the world’s largest companies, including over 70% of FTSE 100 and 60% of Fortune 100 companies, make more timely and better business decisions thanks to GlobalData’s unique data, expert analysis and innovative solutions, all in one platform. GlobalData’s mission is to help our clients decode the future to be more successful and innovative across a range of industries, including the healthcare, consumer, retail, financial, technology and professional services sectors. PR2950

More Media