Over 60s lead the way with contactless

According to new data from Barclaycard, there has recently been a huge increase in contactless payments among nation’s ‘silver spenders’.

Britain’s over 60s are taking to ‘touch and go’ payments in their droves with the number of users up 11%, more than any other age group. While traditionally slower to adopt new technology than younger generations, when it comes to contactless, the UK’s over 60s are well and truly bucking the trend.

Rewind 50 years to the summer of 1966 and cash was king and cheques were used for big purchases. Paying by plastic was completely alien to most consumers. Barclaycard’s introduction of the credit card in 1966 kick started a revolution in the way we shop. This Summer Barclaycard celebrates its 50th anniversary and to celebrate we’re taking a look at the impact Barclaycard has had on the way we spend.

Over the past 50 years Barclaycard has been at the forefront of many payment innovations – from the role of online, to chip + PIN, and of course contactless, mobile and wearable payments. Learning a new technology can be a daunting task for adults of any age, but this is especially true in older adults. However when it comes to new payment technologies, it appears that the over 60s are leading the way…

Data released by Barclaycard as part of its latest Contactless Spending Index shows that the number of ‘silver spenders’ using ‘touch and go’ payments increased by 116% in the last 12 months. The figures show that the older generation has finally jumped on the contactless bandwagon that their younger counterparts joined several years ago.

In comparison, the number of contactless users among all other age groups is also rising, but as usage is already high, the rate of growth is slower. Among the 18-24 age group, users have risen by 4%, while for 25-45 year olds the figure is up 65% and among 46-60 year olds users has climbed by 97%.

Over 60s embracing mobile payments

And it’s not just contactless technology that the over 60s are embracing. Barclaycard’s contactless payment service for Android mobiles, which launched in January this year, has a higher proportion of users over 50 (13%) than those under 25 (10%). The oldest customer registered and using the service is 86!

Adam Herson, Product Director at Barclaycard said: “Our data shows that the nation’s ‘silver spenders’ are anything but laggards when it comes to adopting new payments technology. Contactless provides a number of benefits – it’s quicker, easier and allows transactions up to £30 to be made securely without a PIN – so it’s not surprising that it’s fast becoming a favourite way among the over 60s.”