News: Card payments on the increase as mobile and contactless take off.

Barclaycard and Topshop have teamed up on a range of contactless payment accessories.

The NFC-enabled bracelets, phone cases and keychains come as part of the bPay collection that was launched in 2014.

Users that have a UK registered Visa or MasterCard, debit or credit card will be able to add funds to their digital wallet using a mobile app, online through the bPay web site, or set up an automatic top-up, which will add funds to their balance one it falls below a pre-set level.

The accessories contain a bPay chip by Barclaycard that links to the digital wallet.

Britain is clearly a big fan of contactless payments and paying by card instead of cash, with rising online and contactless transactions increasing spending on debit and credit cards by 10% to £660 billion in 2015.

Online card spending increased by 20% to £210 billion from £175bn in 2014, this means that almost a third of plastic spending takes place on the internet. Paying by mobile is also on the increase with half of online spending taking place on tablets and smartphones, up from 37% in 2014, according to figures from the UK Cards Association show.

Contactless payments are also on the increase, partly thanks to the increase in the payment limit to £30 and nearly half of all cards issues now having contactless capabilities. In 2015 £7.75bn was spent via tap and pay, compared to £2.32bn in 2014.

Graham Peacop, CEO, UK Cards Association, said: “With the amount spent using contactless cards almost trebling between 2014 and 2015 and the payment limit increasing to £30, it is clear 2015 was the year contactless went mainstream.

“Whether buying a sandwich on the go, or paying for a round of drinks or a tube journey, contactless has become the default way people choose to pay for every day shopping.”

 


Nunns, C.J. (2016) Contactless payments in vogue for Barclaycard and Topshop accessories. Available at: http://www.cbronline.com/news/internet-of-things/consumer/contactless-payments-in-vogue-for-barclaycard-and-topshop-accessories-4919256 (Accessed: 8 July 2016).