Mobile tap-and-pay spending has witnessed phenomenal growth in the UK, driven by the growing popularity of contactless payments at the point-of-sale (POS), according to new transaction data from payments processor Worldpay.
Mobile contactless transactions topped £370m in the first six months of 2017, a whopping 336% year-on-year rise in spending.
After the rollout of Apple Pay in 2015, the use of mobile devices to make in-store payments has been growing steadily. The trend of ‘tap and pay’ was further fuelled by the launch of Android Pay in 2016 and Samsung Pay earlier in 2017.
According to the report, spending on all forms of contactless systems now accounts for 38% of all non-cash transactions in the UK.
Total contactless spend in 2017 reached £9bn up to June, compared to £10bn throughout the whole of 2016.
Supermarkets and grocery stores continue to dominate the mobile tap and pay market, accounting for 55% of total spend so far in 2017.
Londoners still spend the most on their mobiles; however, the proportion of transactions concentrated around the Capital has reduced from 32% at the end of 2016, to 28% in 2017, as adoption becomes more widespread across the UK.
Worldpay CMO for the UK James Frost 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.”