Data taken from merchants within Edinburgh shows that over £1,171,826 was spent using credit or debit cards in the city during the first seven days of the festival. This is an 18 per cent increase on 2016 figures.
What’s more, from the 46,721 transactions made on card readers during the first week of the festival (up 51% on 2016) revellers spent an average of £25 on each purchase – delivering an instant boost to the city’s economy.
The increased volume of card transactions meant businesses’ related revenues increased by over a fifth compared with 2016 data. This year’s takings averaged out at £3,685 from card transactions per business, over the course of the week.
There was also an increase in the number of contactless payments recorded. Over half of the transactions were made in this way – more than a quarter higher than in 2016.
Reflective of the festive mood in the city that week, Paymentsense found that over six in 10 contactless card payments were on food and drink, followed by retail and entertainment and recreation.
Guy Moreve, CMO at Paymentsense, who analysed the sales data, said “Edinburgh Fringe Festival is a fantastic event that brings an influx of visitors to Edinburgh each year. As visitor numbers grow, it’s great to see the city’s small traders benefit too from increased card revenues.
This data also provides further evidence for the rise of contactless payments in the UK. Nowadays it’s quick and easy for small businesses to introduce credit and debit card payments. This is important given the growing popularity of contactless payments – a trend which shows no sign of slowing down.”