Barclaycard's contactless index reveals rise in mobile, wearable payments
Barclaycard's latest Contactless Spending Index reveals mobile and wearable payments are surging in popularity, seeing the highest growth rates of any form of 'touch-and-go' payment technology, according to press release.
The amount spent using Barclaycard's Android Contactless Mobile facility has increased 365 percent year-on-year, while spending via bPay — a unique, flexible payments chip that can be embedded into a variety of products such as watches and jewelry — jumped 129 per cent, according to the release.
Barclaycard did not release specific figures on those increases.
It said the spike in mobile and wearable payments use indicates not only an increased demand by consumers to pay quickly and easily, but also a desire to opt for a contactless payment method which best suits their needs.
Overall, contactless payments, including those made on a credit and debit card, have seen continued growth over the last 12 months, with a 79 percent uplift in spending. With 'touch and go' now accounting for more than six in 10 (62 percent) of electronic transactions up to the £30 (US$41.23) spending limit, this latest data demonstrates just how ubiquitous the technology has become.
"The surge in popularity of wearable and mobile payments creates exciting opportunities for shoppers and brands alike," Adam Herson, business development director for Barclaycard Mobile Payments, said in the release. "Consumers can now choose the type of accessory or device they want and match it to their lifestyle or fashion taste, all while enjoying the speed, ease and convenience that contactless brings."