Older Shoppers Drive Surge in Contactless Payments 

Barclays’ annual contactless trends report reveals that 2023 witnessed record-breaking growth in ‘touch and pay’, primarily driven by the over 65s demographic. The data shows a significant increase in usage across all age groups, with the percentage of active users among 85-95-year-olds surpassing 80% for the first time, according to Finextra.

For the third consecutive year, over-65s were the fastest-growing segment for contactless usage, marking a 4.1% year-on-year increase. The report also highlights the rising popularity of mobile wallets, especially among younger shoppers. However, preferences for purchases exceeding £100 still lean towards Chip and PIN and cash.

The trend towards contactless payments is evident across the board, with a record 93.4% of all in-store card transactions under £100 made using contactless in 2023. Additionally, there were 7.8″ more ‘touch and go’ transactions compared to 2022.

Karen Johnson, head of retail at Barclays, acknowledges the evolution of contactless payments since their introduction to the UK in 2007. She notes that contactless has become the preferred payment method due to its speed and convenience. Johnson also commends older shoppers for embracing contactless payments, leading to a narrowing gap in usage between different age groups.