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Budget leaves retail sector disappointed with support offered by the Chancellor

16 Mar 2023

Industry experts and trade associations in the retail sector have been expressing their disappointment at the support offered to retailers in the Chancellor’s Budget.
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UK home entertainment market enjoys its tenth consecutive year of growth.

15 Mar 2023

The UK home entertainment market enjoyed its tenth consecutive year of growth in 2022 to reach a record, according to figures published by the Entertainment Retailers Association.
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Retailers face up to £1m fines for underage knife sales under new sentencing guidelines

14 Mar 2023

Retailers caught selling knives to children in England and Wales could face a £1m fine when new sentencing guidelines come into effect on 1 April.
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80% of British public want card payment fees slashed as the cost-of-living crisis hits businesses

14 Mar 2023

New data shows that a majority of the UK public oppose the rising and unregulated costs British businesses face for simply accepting payments. With the cost of doing business at record levels,... Read more…

How independents can become more sustainable

13 Mar 2023

From saving energy and lighting costs, to using biodegradable packaging and prolonging a product’s lifespan, Drapers Magazine has been looking at how independent retailers can improve... Read more…

Over 160,000 SMEs without mandatory employers’ liability insurance risk fines and prosecution

3 Mar 2023

More than 160,000 small businesses in the UK with between one and nine employees will not have employer’s liability insurance by the end of the year, according to new research from Smart... Read more…

Bakers showing resilience despite cost pressures

3 Mar 2023

Britain’s bakers are showing great resilience despite continued cost and operational pressures, according to industry groups.
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New research shows local high streets & shopping centres more resilient than major shopping hubs in cost-of-living crisis

3 Mar 2023

New data from commercial property specialist Colliers shows that in the face of the UK’s cost of living crisis, minor retail destinations such as local high streets and shopping centres... Read more…

Value of contactless payments grew 50% last year.

27 Feb 2023

Barclays, which oversees nearly half of the UK’s card spending, has reported that the total value of contactless payments made using Barclays cards in the UK increased by 49.7% year on... Read more…

UK bike sales hit 20-year low but long-term outlook remains positive

22 Feb 2023

The Annual Market Data Report for 2022 from The Bicycle Association (BA) reports annual cycle sales in the UK fell to 1.88 million units in 2022, a 20-year low, 27% below pre-COVID levels in... Read more…

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Value of contactless payments grew 50% last year.

Posted on in Business News, Cycles News

Barclays, which oversees nearly half of the UK’s card spending, has reported that the total value of contactless payments made using Barclays cards in the UK increased by 49.7% year on year in 2022.


Barclays cardholders made an average of 220 tap-to-pay transactions last year, totalling £3,327 per person. Mobile wallets accounted for 4.1% of all contactless payments value last year, up from 3% in 2021. UK payment habits are evolving as consumers embrace digital convenience and use less cash.

In addition, contactless spending grew the strongest among consumers aged 65 and older, with Northern Ireland and Scotland home to the fastest contactless payments user growth in the UK.

While contactless payments have long been popular in the UK, according to the bank, three factors helped fuel higher adoption last year.

•    Higher contactless payment limit. The UK raised the contactless payment limit from £45 to £100 at the end of 2021. This gave consumers more opportunities to use their cards in-store.

•    Stronger acceptance. All bank-issued card terminals in the UK have accepted contactless payments since January 2020, according to UK Finance. But more merchants, especially small businesses, have started upgrading their payments hardware, expanding contactless acceptance throughout the UK—making it easier for cardholders to make contactless transactions.

•    Increased mobile wallet use. While cards make up much of the UK’s contactless payments segment, mobile wallets have made headway: The number of UK proximity mobile payment users grew 10.7% year on year in 2022, accounting for a little over 23% of the UK’s population. Mobile wallets could capture more contactless payment volume going forward as players like Apple Pay and Google Pay expand their features.

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