Over 65s double online transactions since lockdown
Nearly half of all transactions (46%) have been made online since lockdown took effect, according to Halifax analysis of its debit card customers.
This is up from around one in four (27%) transactions made online in the run up to February 2020.
But the bank revealed the move towards online payments has been strongest in the group of users aged 65 and over.
In this category, the share of online transactions has doubled from 20% last year to 40% in lockdown.
Only those between 18 and 24 (27% to 52%), and 25 and 34 (29% to 51%), have seen greater increases.
Halifax said record numbers of people aged 65+ are now signing up to online banking.
In the 28 days after lockdown was introduced, online registrations by the oldest age group rose by 63% when compared with the 28 days immediately before.
Further, over 65s have continued to increase their contactless usage throughout the pandemic. The week before lockdown, 54% of card payments made by them were contactless. A month later, this had increased eight percentage points to 62%.
Russell Galley, managing director of Halifax, said: “The surge in online payments and demand for internet banking is primarily driven by the unprecedented situation many people currently find themselves in. When we look at this across different age groups, we have seen a much greater shift amongst those aged over 65.
“What will be interesting to see is whether this new norm continues when restrictions start to lift – especially for older groups who have previously carried out most of their spending in person.”