From Tuesday 1st September 2015 the contactless payment limit has increased to £30 as figures reveal an increase in spending using contactless cards.
The UK Cards Association shows more than £2.5 billion was spent using contactless cards in the first half of 2015 compared to £2.32 billion for the whole of 2014. There are more than 69 million contactless payment cards in circulation and more than 9.3 million contactless payment cards were issued to consumers between January and June 2015.
Card payment terminals are currently being updated to accept the new contactless payment limit and consumers will begin to see an increasing availability of shops where they can make contactless payments of up to £30.
Graham Peacop, Chief Executive Officer of The UK Cards Association, said –
“Contactless payments are fast, easy and secure. With more contactless cards in wallets than ever before and a growing number of retailers accepting contactless payments, we have seen a huge rise in the number of payments being made. The growth in contactless payments shows people want to use contactless cards and increasing the limit gives customers even more opportunities to pay in this way.”
Kevin Jenkins, MD, UK & Ireland, Visa Europe, says “Contactless is becoming the ‘new normal’ as everyday Britons embrace the speed, convenience and safety of touch-to-pay technology. We’ve seen unprecedented growth in this area, with the number of Visa contactless transactions more than trebling in the past year in the UK. Today’s threshold increase to £30 gives consumers all the benefits of contactless across a broader range of their daily activities, and we expect to see this momentum continue to build as more people adopt mobile and wearable payment technology”.