Barclays reports growth in UK contactless spending

A record 94.6% of all eligible in-store card transactions were made using contactless in 2024, Barclays reports, “surpassing the previous year’s record of 93.4%”.

Shoppers also used the technology more frequently in 2024 – on average, 236 times across the year compared to 231 times in 2023. The cost of the average purchase also increased, to £16.10 (US$20.84) from £15.69 (US$20.31) in 2023.

“This equates to [a] total average contactless spend of £3,803 [US$4,923.10] per person in 2024, up from £3,623 [US$4,689.88] in 2023,” Barclays says.

“For the fourth consecutive year, the over 65s were the fastest growing group of contactless users, with 84.1% of this group currently using this payment method,” the bank adds. 

“Convenience continued to drive uptake, as over two-thirds (67%) of those aged 61-79 agree that contactless payments are easier than chip and PIN transactions.

“For payments above £100, the popularity of chip and PIN has remained consistent year-on-year; across all age groups, four-fifths (78%) name it amongst their most used method, followed by cash (29%), and then mobile wallets (24%).

“For the younger generations however, mobile wallets outrank cash; two-fifths (42%) of Gen Z and a third (33%) of millennials select mobile payments as one of their top preferences for payments above £100, compared to 30% of Gen Z and 27% of millennials who opt to use cash.”

Barclays reports growth in UK contactless spending was written by Sarah Clark and published by NFCW.