27 February 2024 , 08:45
642
0
Barclays has revealed that 80% of people aged between 85 and 95 now pay with contactless.
In 2023, a 93.4% of in-store card transactions up to £100 were made using contactless, according to data from Barclays. This information is based on transactions made by consumers using Barclays debit cards and Barclaycard credit cards.
On average, shoppers made 231 transactions, typically spending £15.69 each time. This means that the average shopper spent £3,620 over the year using contactless payments.
For two years in a row, the Friday just before Christmas (December 22 2023) was the busiest day for contactless payments. People were buying last-minute gifts or enjoying drinks with friends as they started their Christmas holidays.
While younger people still use contactless more than older people, the gap is getting smaller, says Barclays. In 2023, more than 80% of active users aged between 85 and 95 used contactless for the first time.
Big Four banks made £20billion in 9 months as households battled interest rates
And for the third year running, the fastest-growing group using contactless were those over 65, according to Barclays. A survey of 2,000 people by Opinium Research for Barclays showed that only 3% of over-75s prefer using mobile payments instead of physical cards.
This is compared to a quarter (25%) of 18 to 34 year olds who said they prefer to use their phone. More than one in five (22%) young people aged 18 to 34 often leave their wallet at home when they go shopping, choosing to pay with their smartphone instead.
This is a stark contrast to just 1% of over-75s who do the same. Karen Johnson, who is the head of retail at Barclays, said: "In 2024, we expect to see a greater shift to payments using mobile wallets, as more bricks-and-mortar businesses integrate the technology into their customer experience.
"Many of our hospitality and leisure clients are finding success by giving customers the ability to order and pay from their table by scanning a QR code."
Almost one in five (18%) people surveyed confessed that they struggle to remember their Pin when asked for it. However, when buying items costing over £100, a whopping four-fifths (78%) said that Chip and Pin is one of their top choices.