Monthly spending on UK contactless cards has exceeded £100 million for the first time, according to data published by The UK Cards Association.
The new figures show that UK consumers spent a record £109.2 million using their
contactless cards during March 2014, up by £22.2 million since February and by over 200% since the same month last year.
Over 370 contactless transactions are now made every minute in the UK – six every second. The number of monthly transactions has more than tripled in a year.
Announcing the latest data at the Contactless Intelligence conference in London today, Graham Peacop, Managing Director of The UK Cards Association, said: “Contactless technology is a fast, easy and secure way to pay by card. Whether it’s to buy a cup of coffee or pay for a trip on the bus, today’s figures show that consumers are voting with their wallets and find contactless cards a very convenient way to pay.”
The new figures show that there are over 42.4 million contactless cards in circulation in the UK, with approximately 1 in 3 cardholders currently having a contactless card. The average value of a contactless transaction in £6.46.
“This announcement from The UK Cards Association simply reconfirms the surge we’ve already seen in consumer confidence – which has seen average sale size grow 27% in just two years,” comments James Frost, chief marketing officer, Worldpay UK.
“If you’re a business regularly taking payments of £20 or less, contactless is a must. You can serve customers quicker, cut down queues and never miss a sale during peak times. In total, Worldpay customers have made over 61 million contactless payments with a total cash value of £433 million.”
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