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Small Business Strategy Inquiry 2025 - ACT and Bira call for members to share their voice

20 Jun 2025

The House of Commons Business and Trade Committee has asked the ACT, and its parent company Bira, to help them reach out to small business retailers across the country, for their quick input on... Read more…

Beyond the discount: Restoring integrity to the cycle supply chain

18 Jun 2025

The Association of Cycle Traders believes the time has come for greater accountability throughout our supply chain, writes ACT Director Jonathan Harrison in an article published for BikeBiz.
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Bira welcomes Wales' business rates proposals but calls for key improvements

11 Jun 2025

Bira has welcomed the Welsh Government's consultation on business rate reforms for retail shops, whilst calling for significant improvements to ensure the proposals truly support high street... Read more…

New awards launch to champion Britain's independent high street heroes

9 Jun 2025

Retailers on Britain's high streets are being encouraged to put themselves forward for the first-ever Love Your High Street Awards, designed to celebrate the small businesses that bring... Read more…

"Tectonic shift" in employment law threatens independent retailer viability, warns Bira podcast

6 Jun 2025

Independent retailers are facing a "generational" transformation of employment law that could fundamentally change how small businesses operate, according to the final episode of Bira's first... Read more…

Retailers hope warm weather and bank holidays will boost high street sales

16 May 2025

ACT parent company Bira has said that members are hopeful the warm weather, Easter weekend and upcoming bank holidays will provide a much-needed boost to high street sales.
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Economic growth surges to 0.7%, but "April reality check" looms for high street retailers

15 May 2025

UK economy delivers strongest quarterly performance in a year despite forecasts of business downturn.
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Communities come together for Local Bike Shop Day 2025 celebrations

13 May 2025

Local Bike Shop Day 2025 brought a wave of... Read more…

ACT parent company Bira welcomes Bank of England's latest interest rate cut

8 May 2025

ACT parent company Bira has welcomed the Bank of England's decision to reduce interest rates from 4.5% to 4.25%, calling it a "much-needed boost" for the retail sector, including for cycling... Read more…

ACT parent company Bira responds to Beales' "Rachel Reeves Closing Down Sale" as iconic store makes final protest

8 May 2025

ACT parent company Bira has responded to the news that the 144-year-old Beales department store is staging a "Rachel Reeves Closing Down Sale" in its final weeks of trading, with giant yellow... 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.

Contactless

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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