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January 25, 2016updated 04 Apr 2017 3:59pm

Monthly UK contactless card spending reaches £1bn mark: Report

Contactless card spending in the UK has reached the £1bn mark in a single month for the first time, according to data released by The UK Cards Association.

By Verdict Staff

Contactless card spending in the UK has reached the £1bn mark in a single month for the first time, according to data released by The UK Cards Association.

The data revealed that contactless card transactions amounted to £1.02bn in November 2015, a significant rise compared to £287m in January 2015.

Total payment card spending reached £53.2bn in November 2015, with number of purchases hitting a monthly record of 1.174bn.

Overall online card spending surged to £11.8bn from £10.4bn in November 2014, while number of online purchases recorded a 23% rise year-on-year.

The data also pointed out that average transaction value of a contactless payment rose to £8.03 in November from £7.72 in October, driven by an increase in contactless payment limit from £20 to £30 in September.

The UK Cards Association head of policy Richard Koch remarked: "Spending on contactless cards has increased almost fourfold since the beginning of 2015 and for £1 billion to be spent via contactless in a month is a major milestone. Whether it’s buying lunch or paying for travel, there is a real appetite for contactless payments and this is only going to grow and grow.

"Making a contactless payment is fast, easy and secure. With so many retailers now accepting this technology, we are sure consumers will continue to vote with their wallets and use contactless cards as their preferred way to pay."

 

 

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