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Contactless card payments to take off this Christmas

PaymentsCM (PCM) predicts that contactless card payments in the UK this Christmas will exceed £500 million with over 250,000 transactions in December. The increase in contactless users has had a steady and healthy growth, but PCM sees 2015 looking set for users and figures to accelerate.

Alex Rolfe, Managing Director at PCM, commenting on the prediction said, “Contactless is

A man uses the NFC payment Visa system

Contactless card payments to take off this Christmas

on the verge of a massive breakthrough as the market goes through the learning and trusting process.  We envisage an over 400% increase in 2015 in usage, with a large rise in Smartphone payments helping as the technology becomes more available and the consumer understands the benefits.”

2014 has seen contactless cards issued grow to 52.8 million cards and the growth rate in terms of volume spent on those cards soaring by between 200 – 250% year on year. There are now 370 contactless card transactions taking place in the UK every 6 seconds.

Alex Rolfe added, “The trend is very fast moving with Visa and MasterCard reporting the tripling of transactions over the past year, and with more financial institutions and retailers coming on board and adopting contactless, while aggressively promoting and marketing, 2015 looks set for contactless to really challenge the cash market for small value payments and especially in transport.”

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