Increase in contactless card payments soars among nation’s ‘silver spenders’

19 May, 2016

While traditionally slower to adopt new technology than younger generations, when it comes to contactless, the UK’s over 60s are well and truly bucking the trend.

Data released by Barclaycard today shows that the number of ‘silver spenders’ using ‘touch and go’ payments increased by 116 per cent in the last 12 months. The figures show that the older generation has finally jumped on the contactless bandwagon that their younger counterparts joined several years ago.

In comparison, the number of contactless users among all other age groups is also rising, but as usage is already high, the rate of growth is slower. Among the 18-24 age group, users have risen by 49 per cent, while for 26-45 year olds the figure is up 65 per cent and among 46-60 year olds users has climbed by 97 per cent.

The findings come as the UKCA reveals that contactless spending passed £1.5 billion for the first time in March, increasing from £1 billion per month in November. This upward trend in the popularity of contactless is supported by Barclaycard’s data showing that overall spending has more than doubled in the last 12 months, rising by 123 per cent.

Britain’s love of a bargain continues to go from strength to strength with the nation’s savvy spenders helping discount stores see a 431 per cent surge in transactions made contactlessly in the last year, more than any other sector. In second place were gift card & novelty stores up 261 per cent, followed by service stations in third, where spending has climbed by 245 per cent.