Worldpay, the payment technology company, announced Tuesday (Oct. 16) that for the first time, contactless payments have become more popular than chip and pin card purchases when paying in-store in the U.K.
The Guardian reported that Worldpay said it was the first time it has seen contactless payments surpass chip and pin. The change occurred in June, when 51 percent of in-store card transactions were contactless. That jumped to 52 percent in July, noted the report. Between June of 2017 and June of 2018, contactless payment usage increased by roughly 30 percent in the stores.
The report noted that the uptick in usage is being driven by an increase in spending limits and speedy expansion of contactless payments at retailers. Fashion retailers in particular have seen a big move away from chip and pin to mobile contactless payments, while betting stores and department stores are also seeing an increase. And Worldpay found that Northern Island has seen a big rise in the use of contactless payments to make purchases.
“The rise of contactless is part of a bigger story: It’s not simply about tap and go – it’s about convenience and reducing the parts of the shopping experience that customers find irritating, like queuing and waiting to pay,” noted Steve Newton, an executive vice president at Worldpay.
In February, Vantiv (now Worldpay) launched DataEdge for Financial Institutions, powered by the company’s Vivid Data Engine. The data and analytics tool offers banking stakeholders immediate access to insights tied to credit and debit card portfolios, viewed through a single dashboard. The firm’s financial institution (FI) clients can now gain actionable intelligence through a single sign-on, web-based offering. DataEdge for FIs is available through Worldpay’s iQ portal. Within the new tool, clients can view two years of portfolio performance, utilizing intelligent benchmarking that compares metrics to other issuers. The company also said that performance indicators can be customized for additional research and reporting.