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Monthly contactless card spending tops £100m

Lucinda Beeman
Written By:
Lucinda Beeman

Monthly spending on contactless cards has exceeded £100m for the first time, data has shown, while the number of transactions has tripled in a year.

According to the UK Cards Association, consumers spent a record £109.2m using their contactless cards in March 2014, £22.2m more than they spent in February and 200 per cent more than the same month last year.

March was the first month ever to see more than £100m spent on contactless cards.

Over 370 contactless transactions are made every minute in the UK – the equivalent of one payment every six seconds.

Graham Peacop, managing director of The UK Cards Association, said: “Contactless technology is a fast, easy and secure way to pay by card. Whether it’s to buy a cup of coffee or pay for a trip on the bus, today’s figures show that consumers are voting with their wallets and find contactless cards a very convenient way to pay.”

With over 42.4 million in circulation, one in three cardholders carries a contactless card.

Consumers can use them to pay for purchases up to £20 by touching their card on a reader. More expensive purchases must be authorised by using Chip and PIN devices as normal.

The average value of a contactless transaction is £6.46, according to the Association.