The Co-operative Group, which is a British consumer cooperative with a diverse family of retail businesses including food retail, financial services, funeral care and legal services across over 3,700 outlets said customers currently used cash for almost 65% of all transactions. Contactless payments, in particular, had trebled in a year as more bank cards with the technology came into use as well as the launch of mobile payments such as Apple Pay.
The latest figures from The Co-operative (cited by dailymail.co.uk) show contactless has reached almost 11 million transactions in a month, up 1.4 million (15%) on the previous period.
However, a survey by the supermarket of approximately 2,000 shoppers found they still tended to use chip and pin rather than contactless for low-value payments.
One of the barriers when making a more expensive purchase was trust; the convenience of contactless loses its appeal as soon as the spend gets into double figures in consumers minds, the retailers report found.
The average contactless spending on a basket in convenience stores is GBP 8.66 compared with GBP 18.16 when using chip and pin, and GBP 9.38 compared with GBP 23.28 for fuel despite the GBP 30 limit.
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