Almost 80% of adults in the UK have made a contactless payment in the last year, with over 19 million (37%) stating that contactless is their first-choice payment method for purchases under £30, according to new research from GoCompare Money.
However, of those adults, it is surprising that those between the ages of 35 and 54 are driving the contactless payment revolution as they are currently the most likely to favour contactless over alternative payment methods. The study further revealed that adults aged between 18 and 24 are most likely to choose cash (44%) over any other age group.
The survey found that contactless cards topped the list of most favoured payment at 75%, while other methods such as smartphones, key fobs and wearable technology such as watches and wristbands were used by just 13% of adults.
Of those adults surveyed, 73% claimed that they favoured contactless payments due to their convenience. Just under 20% of people said that they disliked carrying cash, whilst others stated that they do not like using chip and pin.
Only 23% of British adults that took part in the survey claimed to have not made a contactless payment in the last 12 months, many of whom are concerned with the risk of fraud (54%). However, a ‘fear of the unknown’ deterred 37% of respondents from using contactless, while 29% considered contactless smartphone payments intimidating.
Despite this, 18% of respondents stated that the reason for them not using contactless was simply because they had not been issued with a contactless enabled card from their bank or credit card supplier.
Commenting on the research, GoCompare PR and social media manager Martyn John said: “From cash to cards, smartphones to wearable devices – we’ve never had greater choice in the way we can pay. In the last decade, contactless payment technology has transformed the way we make payments, so much so, many people don’t feel the need to carry cash.”
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