The growth of contactless spending is undeniable, with consumers everywhere enjoying the convenience of being able to pay for goods with the tap of a card. As a result, spending on contactless cards has now hit record levels, and it looks set to rise further still in the months and years to come.
The new figures, from The UK Cards Association, show that spending on contactless cards totalled a record-breaking £1.508bn in March, the first time it's ever reached the £1.5bn milestone. It comes just four months after monthly contactless spending hit £1bn (in November 2015), while the £0.5bn milestone was hit in May last year, and means that monthly contactless spending has more than trebled in the past 12 months (the figure stood at £431.1m in March 2015).
The level of growth is further highlighted by the fact that one in seven of all card transactions is now contactless, compared with one in 16 a year ago. In fact, there were a total of 179.6 million contactless purchases made in March (out of a total of 1.18bn card payments overall at £51.9bn) equating to 67 every second, with 86.5 million contactless cards now in circulation in the UK.
"It took almost eight years for monthly contactless spending to reach half a billion pounds - now it's grown by the same amount in just four months," said Richard Koch, head of Policy at The UK Cards Association. "This dramatic rise shows that paying with contactless is now second nature for millions of consumers who see it as an alternative to cash.
"Contactless cards are already being used to pay for travel and to donate to charity, and as the technology evolves, we will see even more environments where contactless will enable fast, easy and secure payments."
Time to get on the bandwagon? Then make sure your current account or credit card provider offers contactless capabilities. If not, or if you're not happy with the service for any other reason, it could be time to compare the alternatives…
Compare current accounts or credit cards to make sure you can benefit from the convenience of contactless
Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.
Moneyfacts.co.uk will, like most other websites, place cookies onto your computer’s
hard drive. This includes tracking cookies.