New research by MasterCard shows that UK shoppers are keen to make contactless payments using smart devices such as rings, bracelets and smart watches.
More than 50,700 consumers were surveyed in nine EU countries and 26% of UK residents said they would be willing to pay using smart devices.
In the UK, 36% of payments are now contactless compared with more than 50% in the Netherlands.
“Europe leads the world in contactless payments and its overwhelming success has created a demand for even greater convenience,” said Paulo Battiston, executive vice-president of digital payments and labs Europe at Mastercard.
Wearables market grows
The worldwide market for smart wearables is expected to reach $52.5 billion by the end of 2024, compared with just $16.2 billion in 2016 according to Research Nester.
Payments UK, a British trade Association, estimates that contactless payments will outnumber cash payments by the end of this year.
“Shoppers’ trust in contactless is greater than ever, and in turn it seems they are ready to take this one stage further by trying contactless through connected devices,” added Battiston.
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