The number of UK contactless transactions has risen by nearly 50% in the last six months from 16.33m in November 2014 to 24.4m in April this year, representing an increase of 964% in the last two years, payment processor Worldpay has revealed.
The company has now processed contactless payments valued at more than £2bn in the UK since January 2012, with an increase of £1bn since October last year alone.
London remains the contactless capital of the country, according to the findings, accounting for 38% of all contactless transactions. South-east England accounted for the second largest proportion of transactions with 12%, East Anglia accounted for 10%, followed by southern England with 9%.
Some 46% of all contactless transactions now take place in supermarkets and other food retailers, 38% take place in bars, coffee shops and takeaways, with the rest of the retail sector accounting for 13% of these transactions across the country.
“Consumers demand convenience, and contactless offers this beyond any other payment method,” says Dave Hobday, UK managing director of Worldpay. “Once seen as a nice-to-have, contactless is now an essential payment method for increasing numbers of businesses in the retail, hospitality and entertainment sectors.”
Worldpay has helped over 380 retailers to roll out contactless technology in the last three years and is currently upgrading 75,000 terminals to help retailers get ready for the £30 contactless limit in September.