UK Payment Market Report: Non-contact digital payment has become a trend,contact payments are on the decline

According to Media PYMNTS News,the usage rate of contactless payment methods in the UK has for the first time overtaken contact IC CARDS and Pin codes as the preferred payment option for consumers in in-store transactions, the UK payment technology company Worldpay announced on Oct 16.

According to The Guardian, Worldpay said that for The first time in history, contactless payment methods exceeded contact IC card payment and Pin code payment.

The breakthrough shift began in June, when 51 per cent of in-store transactions were done by contactless payments.

The report also pointed out that by July, this proportion jumped to 52%. According to the data analysis of Worldpay,from June 2017 to June 2018, the use of contactless payments in various stores increased by approximately 30%.

In recent years, the popularity of inductive payment has increased, and the amount of consumption allowed has increased, and the places to use inductive payment have increased rapidly.

The report said the surge in contactless payments was driven by a combination of higher spending by retailers and the rapid rollout of contactless payments.

The shift of fashion retailers from contact IC CARDS and Pin codes to mobile contactless payments is particularly marked, at the same time, betting shops and department stores have grown. Worldpay also found that the use of contactless payments in shopping has also increased significantly in Northern Ireland.

Steve Newton, executive vice president of Worldpay, pointed out: ” The rise of contactless shopping is significant – it’s not just a click away, it’s a convenience for consumers, reducing the unpleasant shopping experience of waiting in line and waiting for payment.”

Worldpay deals more than £ 40 billion a year in 146 countries around the world.

In February this year, Vantiv (predecessor of Worldpay) launched a dataedge for financial institutions, this data and analysis tool is supported by the company’s vivid data engine.

By using this tool, bank stakeholders have direct access to information reviews related to credit and debit card portfolios through a single dashboard.

Financial institution (FI) customers can obtain actionable information through a single sign-on, web-based service, and receive dataedge designed for financial institutions through Worldpay’s IQ portal.

With this new tool, customers can use smart benchmarks to view the portfolio performance of financial institutions for nearly two years, which compares the performance indicators of the agency with those of other issuers. The company also said performance indicators can be customized for further research and reporting.