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August 11, 2014

UK contactless transactions treble in past 12 months

The number of monthly contactless transactions in the UK has more than tripled in the last year, with consumers spending £146.1m using their contactless cards in May 2014 according to figures released by The UK Cards Association.

By Verdict Staff

The number of monthly contactless transactions in the UK has more than tripled in the last year, with consumers spending £146.1m using their contactless cards in May 2014 according to figures released by The UK Cards Association.The average contactless transaction is £6.60.

In the UK cards sector as a whole, the average card transaction value has fallen by £1.40 in the past 12 months from £48.91 to £47.51.The number of purchases grew 9.2% year-on-year in June, rising to 993m in the month. At the same time, total spending on debit and credit cards increased at the lower rate of 7.2%, totalling £47.0bn in June.

Monthly debit card spending (£33.2bn in June) continued to grow faster than credit card spending (£13.8bn) – both up by 8.2% and 5.0% respectively. The average debit card transaction is now £43.70 and for credit cards it is £60.13.Richard Koch, head of policy at The UK Cards Association,said:"We’ve seen the average value of a card transaction drop over the last year as consumers increasingly choose to use their cards to pay for smaller purchases. "In the retail sector, the average shop is now less than £34 – an increase in small transactions online and the use of contactless cards for lower, everyday sums is partly behind this significant trend."

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