Contactless payments increased by 223% last year to £25 billion, new information from The UK Cards Association has found.
Last year, £647 billion was spent on card in the UK, with contactless transactions counting for £25 billion of this total. This is a huge increase on 2015’s figures, where only £7.75 billion was spent using contactless technology. Of the 14.8 billion transactions made over the year, almost one in five payments were made on a contactless payment card.
In December alone, Christmas purchases and seasonal offers pushed the total contactless spend to a record breaking £3.4 billion, with more than a quarter of transactions made throughout the month completed using a contactless payment card.
This increase has been linked to an increase in contactless payment availability across the UK, especially in supermarkets. Sainsbury’s became the latest of the UK’s large supermarket chains to introduce contactless technology in their stores in November 2016. More than half of payments under £30 at UK convenience stores were made using the technology over the year.
The number of businesses offering contactless payment services increased by 45% throughout 2016, with over 450,000 companies now allowing their customers tap a contactless payment card to purchase.
If your business doesn’t accept contactless card payments, you could be missing out on profit. Get in touch today and discover how you could benefit by upgrading to a contactless terminal.