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Contactless Payments Taking Off in the United Kingdom

Mar 28, 2014
Posted by: admin
Category: General

Visa Europe announced recently that contactless payments made by its United Kingdom cardholders increased nearly 300 percent from 2012 to 2013. Visa Europe reported that U.K. consumers made 94.3 million contactless purchases in 2013 opposed to 25 million in 2012. It is consistent with a sign that contactless payments are becoming more and more popular across Europe.

Contactless Payments Popularity Not a Surprise

Instabill copywriters blogged on Dec. 26 about Transportation for London (TfL) and its one year anniversary of usage of contactless payments on its bus system which proved to be a rousing success. From 2012, 10 million commuters have paid for their bus rides with Visa contactless cards. TfL authorities have since implemented contactless payments on London’s rail system while several major U.S. cities are currently serving as test markets. “Use of contactless payments will rise even further in the U.K. with the arrival of contactless payments on the London Underground later this year,” Sandra Alzetta, Executive Director at Visa Europe, said in a press release. “Spend has risen to over GBP 618 million ($371,463,433 U.S.) with GBP 82 million ($49,288,000 U.S.) being spent in December of last year alone.” Visa estimates there are 32.1 million contactless cards in circulation in the U.K. and 80.6 million in Europe.

Contactless Payments Increase Across Europe

The U.K., made up of England, Scotland, Wales and Northern Ireland, is not the only region in which contactless payments have significantly increased. Topping the list is Poland, an e-commerce juggernaut, where 158.7 purchases were made via contactless payments, with the U.K. right behind with 94.3 million purchases. On a notable, lesser scale there were 30.6 million contactless payments last year in the Czech Republic, 23.1 million in Slovakia and 17.5 million in Spain.

Contactless Payments Popularity Signals Demand for Terminals

As a result of the popularity, contactless payment terminals have increased by 200 percent (300,000) in the U.K. to accommodate the masses of consumers who prefer contactless payments. Starbucks and McDonald’s are among many large retailers taking part.

Contactless Payments Growing in the U.K. Is the U.S. Next?

According to BankRate, there are 30,000 merchants in the U.S. that can accommodate contactless payments. With credit cards migrating from magnetic stripe to (http://blog.instabill.com/american-express-debuts-emv-chip-technology/) |EMV chip technology|, the number of merchants who process contactless payments is due to grow exponentially.

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Instabill is a merchant accounts provider and credit card processor for businesses both domestic and international, including many in the U.K. Speak with a live merchant account representative about opening your merchant account with Instabill today at 1-800-314-2713.

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