The continued surge of ‘touch and go’ payments is set to save UK shoppers 141 million hours, worth almost a billion pounds in time, by 2021 according to a new study from Barclaycard.

Ahead of the 10th anniversary of contactless payments next month, Barclaycard’s data predicts that the number of contactless transactions will increase by 317% in the next four years. With proprietary data showing that ‘touch and go’ is seven seconds quicker per transaction compared to Chip and PIN and 15 seconds faster compared to cash, this time saving is collectively worth £967m in value for British shoppers.

The projected figures reflect both retailers’ and shoppers’ appetites for quicker and easier ways to buy and sell goods and services which has continued to increase since Barclaycard introduced the technology to the UK in September 2007.

“As the old adage goes ‘time is money’ and since introducing contactless to the UK 10 years ago we’ve seen Brits embrace the technology in their droves,” said director of innovation and partnerships at Barclaycard Mobile Payments Tami Hargreaves. “With speed, security and convenience all being so important for shoppers it’s not surprising that contactless is quickly becoming the most popular way to pay. Faster service means less time waiting to pay for a morning coffee or sandwich in the midst of the lunchtime rush, which will undoubtedly be music to the ears for the millions of Brits who get frustrated by queues and long wait times.”

The data shows that the universal acceptance of contactless payments is on the horizon as ‘touch and go’ becomes mandatory for retailers who process card payments from January 1, 2020.

The research found that 59% of Brits now use contactless with 71% saying they choose to pay with it more frequently than 12 months. This is supported by Barclaycard’s Contactless Spending Index which shows that 51% of card transactions up to the £30 spending limit are now made using the technology.

Speed and ease when paying are crucial factors for Brits when choosing where to shop; 55% of consumers choose to pay with ‘touch and go’ because it saves them time, with 48% enjoying the convenience of not needing to enter their PIN every time they pay.

In addition, queueing has been reduced, with 27% having spent less time in line waiting to pay and a further 52% being served more quickly at the till due to the time contactless saves.

In turn, more traditional methods of payment are in decline. More than a third of shoppers say they pay with cash less often compared to last year and 24% opt to pay more frequently with their contactless cards and devices rather than Chip and PIN, when the option is available. Retailers are simultaneously embracing cards over cash, with 40% either solely accepting card payments or considering going entirely cash-free within the next five years.

Three-quarters of those who have introduced contactless payments are processing an average of 30% more transactions each day, with 20% processing up to 50% or more. Inspired by productivity gains, 53% of retailers accepting contactless would like to see the spending limit raised above the current level of £30, with 37% opting for a £50 limit and 20% for a £100 cap.

Despite demand from consumers half of all retailers still don’t accept contactless payments. Lack of awareness around the speed of ‘touch and go’ could be holding some retailers back, as the research shows that 47% underestimate how much how much time is saved and therefore could be missing out on sales as a result.