Barclays data shows contactless spending broke new record in 2024

New Barclays Consumer Spend data just released shows a record 94.6% of all eligible in-store card transactions were made using contactless in 2024. The 2023 figure was 93.4%, and shoppers used also the technology more frequently last year – 236 times on average, in fact.

The cost of the average purchase also went up ro £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 users, with 84.1% currently using this 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 per cent) 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.”