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Barclaycard allows 7 mln additional people to use contactless payments

Tuesday 28 April 2020 14:28 CET | News

UK-based global payments company Barclaycard has processed over 7 million contactless payments in the UK and Ireland above the previous limit of GDP 30/EUR 30, and up to the new GDP 45/EUR 50 limit.

The higher limit helps prevent the spread of COVID-19 by allowing more shoppers to pay without touching card terminals or handling cash. It also helps reduce the volume of people in stores by reducing queue times – contactless transactions are, on average, seven seconds faster than Chip and PIN, and 15 seconds faster than cash.

Barclaycard data also reveals that 43% of in-store transactions between GDP 30/EUR 30 and GDP  45/EUR 50 are now made using contactless. This is expected to increase as public awareness of the new limit grows, and as more businesses implement the technology change on their card machines.

The new limit has led the average value of contactless transactions to jump from GDP 9.28 in 2019, to just under GDP 14 at present. The average value of all new contactless transactions above the previous limit of GDP 30 is just under GDP 36. The total amount spent using contactless on transactions over GDP 30 is already over GDP 264 million.

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Keywords: Barclaycard, contactless payments, UK, Ireland, COVID-19, card terminals
Categories: Payments & Commerce
Companies:
Countries: United Kingdom
This article is part of category

Payments & Commerce