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One in 10 transactions are now contactless

One in 10 transactions are now contactless

Category: Banking

Updated: 30/12/2015
First Published: 30/12/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

The number of contactless transactions only ever seems to be on the rise, with the convenience of being able to pay for something with a tap of a card proving to be hugely popular with consumers. So much so, that contactless payments have now passed a key milestone, with figures from The UK Cards Association showing that contactless transactions now account for one in every 10 card payments!

The rise of contactless

Significantly, it's the first time that this milestone has ever been passed, and just shows the burgeoning popularity of this form of payment. In fact, a total of 120.5 million contactless payments were made in October, equating to 10.3% of all card transactions – a notable increase from a year ago, when just 3.7% of payments were contactless.

In total, £929.8 million was spent using contactless cards during the month, with the average value of a contactless payment standing at £7.72, up from £7.35 in September. Incidentally, this was when the limit for a single payment rose to £30, so it's perhaps no wonder that the average contactless amount is slowly creeping upwards.

"With one in 10 card payments now contactless, it's clearly the preferred way to pay for millions of consumers," said Richard Koch, head of Policy at The UK Cards Association. "The rise in the contactless limit to £30 earlier this year means there are now even more opportunities to make a fast, easy and secure contactless payment."

Onwards and upwards

Of course, other forms of card spending are continuing to rise, too: the figures show that overall spending on debit and credit cards rose by 0.9% in October to reach a whopping £53.2 billion, up from £48.6 billion in October 2014, with a total of 1.16 billion card transactions in the month (up from 1.03 billion this time last year).

Online spending noted similar increases, as of the £53.2 billion spending total, £11.7 billion of it was spent online. This is up from online spending of £10.3 billion in October 2014, which just shows how rapidly online transactions are becoming a part of everyday life, much in the same way as contactless.

More and more cards are being issued with the contactless symbol, so if your card doesn't have one, it's high time to request one – and if your bank isn't offering contactless, it cold be time to start looking for alternatives.

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.

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