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.
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.”
For more detailed information of UK and other market card statistics – CLICK HERE