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Mobile contactless payments hits £370 million in first half of 2017

Contactless spend has now reached £9 billion across the same period. In comparison contactless payments hit the £10 billion mark for the whole of 2016

Mobile contactless transactions have topped £370 million in the first six months of 2017, a 336 per cent year-on-year surge.

This is according to debit and credit payment processor Worldpay. In the UK contactless spend has now reached £9 billion across the same period. In comparison contactless payments hit the £10 billion mark for the whole of 2016.

Contributing to the numbers was the launch of Apple Pay in 2015 and further fuelled by Android Pay in 2016, followed by Samsung Pay in May.

According to Worldpay contactless payments “has begun to gain widespread acceptance beyond early adopters”.

Monthly spending on mobile devices has risen 57 per cent in the last six months, £46 million was spent in January which rose to £74 million in June.

Spending on all forms of contactless systems now accounts for 38 per cent of all non-cash transactions in the UK.

Cutting up cards

Worldpay UK chief marketing officer James Frost (pictured) said: “Mobile spending has shaken off the novelty tag, and is breaking its own spending records virtually every month.

“Granted there’s still some way to go before we start cutting up our cards and chucking away our wallets, but it’s easy to see why everyone from start-ups to tech giants is eager to have a stake in the technology.

“We’re now seeing pockets of incredible growth in mobile adoption right across the country with the South East of England accounting for 15 per cent of total spend and the North West making up 10 per cent.”

Source: Mobile News

Asia Pacific leads the way with NFC payments

The Asia Pacific region will account for the largest share of spending via mobile-paymentsNFC-based smartphones in 2020, according to Strategy Analytics.

The region will be ahead of North America (31 per cent) and Western Europe (21 per cent), said the study.

Total spending via NFC phones will hit $130 billion by the end of the decade, says the survey. It forecasts 254 million mobile users will make, on average, five payments per month with an average spend of $8.8 per transaction.

Interestingly, despite the research firm’s positive outlook, NFC-based payments will still account for only a single digit share of the global retail sector by 2020.

The momentum behind mobile payment growth comes from Apple Pay, a push by payment networks (American Express, Visa, MasterCard) to drive NFC-enabled terminals and growing signs of consumer interest.