UK contactless spending reaches a record £1 billion

UK contactless spending reaches a record £1 billion

According to new data from The UK Cards Association, spending on a contactless payment device reached a record total of £1.02 billion in November 2015.

In comparison, contactless spending amounted to just £287 million in January 2015. Richard Koch of The UK Cards Association says “Spending on contactless cards has increased almost fourfold since the beginning of 2015 and for £1 billion to be spent via contactless in a month is a major milestone. Whether it’s buying lunch or paying for travel, there is a real appetite for contactless payments and this is only going to grow and grow” (ThisisMoney.co.uk).

Launched in 2008, contactless payments have become increasingly popular, with the average transaction value increasing to £8.03 and the limit of single payments being lifted from £20 to £30 last September. With one in 10 card payments now made on a contactless payment device, it’s clear that consumers now expect to be able to pay this way. “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” says Richard Koch, of The UK Cards Association.

Contactless technology allows consumers to make fast and secure payments using their debit or credit card. Purchases up to the value of £30 can be made simply by tapping the card on a contactless payment device.

As an independent business owner, offering contactless payments to your customers gives them the ability to pay for items quickly, reducing queue times and enhancing their experience. All of Handepay’s credit card machines accept contactless payments including Apple Pay. To find out more about accepting contactless card payments, contact us.