You are here: Home - Saving-Banking - News -

A fifth of all card payments now contactless

0
Written by: Paloma Kubiak
03/11/2016
One in five of all card payments are now made via contactless card technology, new figures show.

Contactless cards were used for 21% of all card payments in August 2016, totalling £2.3bn, figures from The UK Cards Association reveal.

Compared with August 2015, they were used for just 7.9% of card purchases.

And the average spend on contactless card transactions was also up from the year earlier, from £7.12 in August 2015 to £8.97 in August.

The number of contactless transactions increased from 89 million in August 2015 to 260.7 million in August 2016, while the number of contactless debit cards in circulation increased from 74.5 million to 97 million in the same period.

Data by the association released in August showed that Brits spent more via contactless cards in the first half of this year than in all of 2015.

Richard Koch, head of policy at The UK Cards Association, said: “Contactless cards have exploded in popularity over the past year and are now being used for one in every five card payments.

“While more shoppers than ever are using contactless cards for small purchases, we are excited by the possibilities they will bring over the coming years for public transport operators and charities.”

The upper limit for contactless payments increased from £20 to £30 last September.

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Big flu jab price hikes this winter: Where’s cheapest if you can’t get a free vaccine?

Pharmacies, supermarkets and health retailers are starting to offer flu jabs ahead of the winter season, but t...

Is now the time to fix your energy deal?

Fixed energy tariffs all but disappeared during the energy crisis. But now they are back with an increasing nu...

Octopus steps in to buy Shell Energy – what customers need to know

The deal is expected to complete in the fourth quarter of 2023 and will take Octopus Energy’s retail supply ...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

The best student bank accounts in 2023: Cash offers, tastecards and 0% overdrafts

A number of banks are luring in new student customers with cold hard cash this year – while others are compe...

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Money Tips of the Week