The value of the average contactless transaction increased in Septembers a result of the increase in the contactless payment limit, the latest card expenditure statistics from The UK Cards Association show.
In September, the average contactless transaction was £7.35, up by 23p on the August figure. This coincided with the rollout of the new £30 contactless payment limit. Contactless payments accounted for 8.9% of the total number of card purchases in September and the rise in transaction value reflects the further migration of low-value purchases from cash to card.
UK card expenditure statistics
Total spending has increased year-on-year from £48.5 billion to £52.7 billion. There were 1.1 billion transactions. Online spending accounts for an increasing proportion of spending at 22.1% of the total, up from 20.9% in September 2014.
During the third quarter of 2015 there were 85 million more purchases than the second quarter, with spending £1.9 billion above the quarter two figure. Overall, at £46.19 the average value of a transaction is continuing to decline.
This is less than the £47.48 ATV figure of September 2014, but has increased by 5p from August 2015.
Richard Koch, Head of Policy and The UK Cards Association, said: “Consumers are increasingly reaching for their cards as their preferred method of payment. We know an increasing number of shoppers are choosing to make contactless payments, especially with the new £30 contactless payment limit.
“We expect to see last year’s trend of consumers using their debit cards, more than their credit cards, continue as we approach the festive season.”
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