New figures have shown that contactless cards are now used to make one in every four payments in the UK.
Contactless technology has been expanding rapidly ever since its introduction in 2007, and new developments, such as the increasingly popular mobile wallets, are making contactless payments more commonplace.
The UK Cards Association revealed that in November 2016, 324.5 million transactions were made using contactless cards, an increase of 154.5% on the previous year’s figures. This allowed for a record £2.9 billion total spend using contactless technology payment methods in the same month.
Only one year ago, contactless spending passed the milestone of £1 billion spend in one month, with only 11% of people choosing to pay using contactless technology. This year-on-year increase of 184% indicates that customers are quickly embracing new contactless technology.
Richard Koch, Head of Policy at The UK Cards Association, said:
“With 125 taps every second in the UK, it’s clear that people are opting for contactless when they are at the till. No longer is it just for the lunchtime sandwich, consumers are using their contactless cards wherever they go – for the grocery shop, in clothes stores, and, increasingly, for the commute too.”
In November 2016, over 100 million contactless cards were in circulation in Britain. Due to this rapid adoption of contactless, over 400,000 businesses in the UK now accept contactless payments, an increase of nearly 50% on last year. Business owners benefit from accepting contactless payments, reporting shorter queue times to increased revenue.
Is your business missing out by not upgrading to a contactless card terminal? Talk to one of our advisors today and see how accepting contactless cards could help your company.