Barclays data shows contactless spending broke new record in 2024
New Barclays Consumer Spend data shows a record 94.6 % of all eligible in-store card transactions were made using contactless in 2024, surpassing the previous year’s record of 93.4 %. Shoppers used the technology more frequently – 236 times across the year, on average (vs. 231 in 2023) – and the cost of the average purchase increased to £16.10 (vs. £15.69 in 2023). This equates to total average contactless spend of £3,803 per person in 2024, up from £3,623 in 2023.
For the fourth consecutive year, the over 65s were the fastest growing group of contactless users, with 84.1 % of this group currently using this payment method. Convenience continued to drive uptake, as over two thirds (67 %) of those aged 61-79 agree that contactless payments are easier than chip and PIN transactions.
For payments above £100, the popularity of chip and PIN has remained consistent year-on-year; across all age groups, four fifths (78 %) name it amongst their most used method, followed by cash (29 %), and then mobile wallets (24 %).
For the younger generations however, mobile wallets outrank cash; two fifths (42 %) of Gen Z and a third (33 %) of millennials select mobile payments as one of their top preferences for payments above £100, compared to 30 % of Gen Z and 27 % of millennials who opt to use cash.
Karen Johnson, head of retail at Barclays, said: “Convenience is the driving force behind contactless technology becoming so embedded in the UK’s payment ecosystem. The increasing prevalence of self-service screens at retail and hospitality venues shows the importance of a smooth experience, regardless of the sector.
“However, contactless transactions cannot replace human interaction altogether. Consumer-facing businesses must continue to recognise the value that in-store members of staff can offer when it comes to fostering customer relationships and trust.”