NEWS | Industry Updates 80% of 85 to 95-year-olds now pay with contactless
New Consumer Spend data from Barclays’ annual contactless trends report has revealed that 2023 was another record- breaking year for ‘touch and pay’, further cementing it as the UK’s most popular payment method, owing to its speed and convenience. Usage grew across all age demographics, and the gap between older and younger audiences continues to narrow, with fastest growth among the over 65s for the third year running. Mobile wallets are also gaining ground, particularly with younger shoppers, while Chip and PIN and cash are the preferences for purchases over £100. Across the population as a whole, a
record 93.4 per cent of all in-store card transactions up to £100 were made using contactless in 2023, and in total there were 7.8 per cent more ‘touch and go’ transactions than in 2022. On an individual level, the average user made more transactions (up from 220 to 231), on more expensive items (the average purchase cost £15.69 – up 3.8 per cent), meaning that they spent more overall (£3,623 – up 8.9 per cent).
For the second year running, the Friday just before Christmas (22 December 2023) was the single biggest day for contactless – spending was 87.6 per cent higher compared to the daily average, as shoppers picked up last-minute gifts, or enjoyed a few drinks with friends as they clocked off for their festive break.
Silver Spenders tap into convenience While contactless is still more popular among younger consumers, the gap between older and younger audiences continues to narrow. In 2023, the percentage of active users among 85–95-year-olds (80.1 per cent) crossed 80 per cent for the first time. More broadly, for the third year in a row, over-65s were the fastest growing segment for contactless usage, up 4.1 per cent year-on-year. However, there is still a division among contactless users when it comes to preferences for making contactless payments using a mobile wallet versus a physical card. Research from Barclays shows just three per cent of over-75s prefer a mobile payment over using a physical card, whereas a quarter
(25 per cent) of 18-34-year-olds say they prefer to use their phone.
Wallets optional: younger consumers embrace mobile payments The increasing popularity of mobile payments; which have no contactless upper limit via two- factor authentication; means some younger shoppers now opt to go cardless when leaving home. More than one in five (22 per cent) of those aged 18-34 regularly leave their wallet behind when out shopping in favour of paying with their smartphone, in comparison to just 1 per cent of over 75s.
As a consequence for increased ‘touch and go’ mobile spending, nearly one fifth (18 per cent) of Brits admit they also have trouble remembering their PIN when prompted. Fortunately, many banks, including Barclays, allow customers to check their PIN securely by logging in through their mobile banking app.
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