The popularity of contactless transactions has increased in the UK, with consumers making around 63 contactless payments per second in February 2016.
Figures from the UK Cards Association show that shoppers are using contactless options to pay more often, especially since the maximum transaction limit was raised to £30 in September 2015.
This shows the extent to which contactless transactions are becoming increasingly accepted by UK consumers. In February 2015, only 5% of all card purchases were made using contactless methods, however a year later this figure has risen to 14% of all card purchases.
The average transaction value recorded for contactless purchases is increasing each month. Data from February 2016 showed that contactless transactions totalled £8.28 on average, an increase of 13p from January.
The increase in transaction value is not surprising, as the increased limit has allowed for a broader range of purchases to be made using contactless. The average supermarket shopping basket totals £25, meaning that consumers will now be taking advantage of the speed of contactless when paying for groceries.
The average transaction value for all card purchases, including both Chip and PIN and contactless methods, has also been affected by the uptake in contactless spending.
As more consumers are using their cards rather than cash to quickly pay for small purchases, transaction values for card purchases are decreasing. In February 2016 alone, the average transaction value for purchases made on any card fell by 28p to £44.34.
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