Debit and credit cardholders love to Tap & Go

Use of contactless payments is on the rise. Contactless payments now account for 50 per cent of all MasterCard and Visa card payments at Coles, for example. For scheme debit, the proportion at Coles is 60 per cent.

At Woolworths, the ratio of contactless payments is approaching 30 per cent, even though Woolworths processes double the payments' volume of Coles. This data emphasises the shift in consumer willingness to “tap and go” (as MasterCard recommends) at the check-out.

Forty-six per cent of consumers now own a contactless card, and 26 per cent of these say they are making contactless payments “at least a few times a week”. This number has increased from a little over 10 per cent a year ago.

Source: Banking Day