A new study has revealed that June 2017 has seen a record number of credit and debit card transactions, with almost 1.4 billion card payments taking place during the month. UK Finance state this 12% rise is the biggest annual growth in the number of payments since June 2008.
Contactless payments are still helping to fuel the growth in figures as it has been reported that in June 34% of card transactions were contactless, compared with 33% in May.
Richard Koch, head of cards at UK Finance, said: “Contactless payments accounted for a third of transactions in June with consumers continuing to use their cards for lower-value purchases. While spending recorded a relatively modest monthly growth, the number of transactions rose at a faster rate, with some 46 million card purchases made every day.”
It is no surprise that this constant rise in contactless payment has had a knock-on effect for cash payments. It has been reported that consumers and businesses made 15.4 billion cash payments in 2016, this is down from 17.2 billion in 2015.
UK Finance have predicted that over the next ten years the number of cash payments is forecast to decline by 43% to 8.7 billion, with the total value of payments predicted to fall by 23% to £185 billion in 2026.
If your business doesn’t currently accept contactless payment, get in touch today to learn more about how this can help your business grow. All our machines include the latest technology to accept contactless payment from contactless cards and smart devices. Call one of our friendly advisors on 01942 407 956 or request a quote online.