Capital of Card Payments: Cashless cities topping the charts for contactless payments revealed
New data reveals the UK cities leading accelerated growth in contactless payments with the top 10 expected to go cashless first.
- Bristol revealed as the capital of contactless card payments with over 73% of the city’s card transactions made via contactless payment.
- Hull comes in a close second with over 72% of transactions being contactless.
- Over 20 million contactless transactions took place everyday in the UK in 2018.
- On average contactless transactions have increased by 10% YOY Nationwide from 52.5% in 2017 to 62.5% in 2018.
As contactless card spending surged by nearly a third in 2018, and with over 20 million transactions taking place each day, new data released by Paymentsense reveals the UK cities leading this growth with those in the top 10 expected to go cashless first.
Analysing data of nationwide transactions from 2018, Paymentsense have created an interactive map exploring the UK’s cashless capitals, detailing the cities with the highest proportion of debit, credit, contactless and all transactions.
Bristol revealed as the contactless capital of the UK
Bristol is championing the UK’s cashless movement and leading the way in terms of contactless transactions for a second year. Almost three-quarters (73%) of the city’s card transactions were made on contactless in 2018, a 14% increase from 2017 highlighting the move away from cash is only increasing.
Top ten cities for contactless card transactions
|City||Percentage of contactless card transactions 2018
|Percentage of contactless card transactions 2017||Percentage increase of contactless card transactions from 2017 to 2018|
Guy Moreve, Chief Marketing Officer at Paymentsense, says: “As a society, we’re close to becoming cashless, with contactless transactions reaching over £5.6 billion in 2018 and set increase even further in 2019. There are areas of the country such as Bristol that are adapting to the shift in payments, while other large towns like Manchester and Newcastle are struggling to keep up according to our data. These cities must move with the times to stay competitive in our current digital era.
For the many businesses that have embraced the cashless society, the prospect of the increase in contactless payments is a positive move and likely to lead to business success ”.
A freelance copywriter Ellen Holcombe said: “I have seen a lot of cash machines and branches of banks close in my area however this hasn’t really impacted me. Most of the stores and services I use accept card and contactless. I think we’re living in a world that’s going to be cashless very soon and I’m okay with that.
With demand for cash machines falling and pressure on companies such as Link to keep specific ATMs running, it will be interesting to see how this plays out in the near future. If there’s one thing we can be sure of, however, it’s that contactless payments are here to stay and will most likely increase in popularity”.
Credit source: https://www.paymentsense.com/uk/capital-of-card-payments/