For the first time chip and pin cards have been overtaken by tap ‘n’ go, says Worldpay, the global payments provider, using its own analysis.
For some years chip and pin has been the most common way to pay in shops but contactless payments technology has now taken over. In June 2018 51 per cent of all card payments in shops were by contactless up from 50 per cent in May.
Most of the movement was in fashion retailers with four times as many payments year-on-year, but mobile contactless payments, including Apple Pay, also rose significantly in the clothing and footwear sector, up five times over last year.
Betting shops and other outlets normally using cash also saw substantial growth in mobile contactless payments.
Said Steve Newton: vice president at Worldpay: “The data shows that people are moving towards more convenient forms of payment. Speed and ease are the watchwords for meeting consumer expectations.” He said that more than 50 per cent of shoppers believe that their phones could replace their wallets within the next five years.
