22 February 2017
visit dh.com

UK hits contactless and mobile payments milestones

03 November 2010  |  15382 views  |  0 card chip

PayPal and Barclaycard have released statistics demonstrating the rise of mobile and contactless payment methods in the UK.

EBay unit PayPal claims a million Brits have now used its technology to make a payment or send money using their mobile phones.

The firm has been in m-payments since 2005 and was one of the first companies to launch an iPhone app in 2008 when Apple opened its platform to developers. It expects to close 2010 with 30 times the mobile payments volume globally of 2008, reaching over $700 million.

In Britain, month on month mobile transactions grew by 20% in July and August this year with PayPal UK customers making an average of almost five m-payments a month.

Petra Jung, head, mobile, PayPal in the UK, says: "We're seeing the start of a revolution in the way we pay. People have talked about 'mobile money' for some time, but our figures show real traction in the amount of money PayPal's UK customers are sending from their mobile phones."

Separately, Barclays is claiming another milestone, with over a million contactless transactions carried out this year in the UK. Since January there has been a 217% rise in monthly payments, with over 150,000 processed in September alone.

Barclays and Barclaycard are set to be joined in the contactless revolution, with Bank of America's card unit MBNA and Virgin Money both recently committing to rolling out the cards to millions of UK customers over the next two years.

Stuart Neal, head, payment acceptance, Barclaycard, says: "The latest statistics on contactless payment show we are reaching a tipping point. The number of terminals has gone from 25,000 at the beginning of 2010, to 42,500 today, and this is before the big grocers like Co-operative begin their roll out in earnest. At a time when every penny counts for retailers, contactless helps boost customer satisfaction and reduce queue abandonment."

Finextra verdict:

These nice, round figures certainly indicate the growing acceptance of both mobile and contactless payments. However, as Finextra friend Gareth Lodge tweets, traditional card payments still dominate. According to the Payments Council, there were a massive 2.1 billion UK card transactions in just the second quarter of this year.

KeywordsEFTPOS

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Hardware failure causes PayPal outage

Hardware failure causes PayPal outage

01 November 2010  |  8282 views  |  0 comments
MBNA and Virgin Money embark on UK contactless card roll outs

MBNA and Virgin Money embark on UK contactless card roll outs

29 October 2010  |  11714 views  |  0 comments
EPC and GSMA publish mobile contactless payments white paper

EPC and GSMA publish mobile contactless payments white paper

21 October 2010  |  9461 views  |  0 comments
Commonwealth Bank contactless drive gathers momentum

Commonwealth Bank contactless drive gathers momentum

14 October 2010  |  8058 views  |  0 comments
TfL eyes global travel card harmonisation - report

TfL eyes global travel card harmonisation - report

08 October 2010  |  10691 views  |  2 comments
Barclaycard explores contactless future

Barclaycard explores contactless future

30 September 2010  |  13989 views  |  0 comments
No brass in pocket: Barclays' busker goes contactless

No brass in pocket: Barclays' busker goes contactless

27 August 2010  |  12116 views  |  0 comments
Visa contactless cards in issue in UK to reach 12 million by year end

Visa contactless cards in issue in UK to reach 12 million by year end

07 July 2010  |  9663 views  |  0 comments
PayPal launches mobile version of Express Checkout

PayPal launches mobile version of Express Checkout

02 July 2010  |  10066 views  |  0 comments
PayPal partners Singapore govt for m-commerce drive

PayPal partners Singapore govt for m-commerce drive

16 June 2010  |  7970 views  |  0 comments
PayPal mobile developer library enters open beta

PayPal mobile developer library enters open beta

28 April 2010  |  8860 views  |  0 comments
Cash no longer king as Brits turn to debit cards

Cash no longer king as Brits turn to debit cards

14 April 2010  |  12106 views  |  1 comments
PayPal iPhone app downloaded one million times in three weeks

PayPal iPhone app downloaded one million times in three weeks

07 April 2010  |  10369 views  |  0 comments
PayPal iPhone app lets users 'bump' phones to pay

PayPal iPhone app lets users 'bump' phones to pay

16 March 2010  |  12725 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit dh.comvisit BNP paribas

Top topics

Most viewed Most shared
IBM and Visa join forces to turn billions of connected devices into points of saleIBM and Visa join forces to turn billions...
18202 views 11 comments | 54 tweets | 90 linkedin
Jaguar embeds payments into digital dashboardJaguar embeds payments into digital dashbo...
10459 views comments | 49 tweets | 59 linkedin
Nesta launches £5 million Open API challengeNesta launches £5 million Open API ch...
10431 views comments | 21 tweets | 19 linkedin
Kevin the bot uses blockchain to offer insurance for P2P transactionsKevin the bot uses blockchain to offer ins...
8597 views comments | 17 tweets | 15 linkedin
RBS to become fintech fund and high street outlet for challenger banks under HMT remedyRBS to become fintech fund and high street...
6987 views comments | 35 tweets | 33 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job