The Latest Figures For UK Contactless Card PaymentsJune 1, 2016
When contactless payment technology was first introduced, consumers as well as retailers were quite slow at embracing it. However, uptake of the technology has now dramatically increased over the past 12 months across the whole of the UK. This means that everyone in retail, as well as business, should most certainly sit up and take note. If you don’t embrace contactless payments, the technology will overtake you and your competitors will leave you far behind.
Research data showed that in February 2016 a total of 84.2 million contactless cards had been issued in the UK. The split between debit and credit was 58.9 million (debit) to 25.3 million (credit) and statistics show that this was an increase of 36.5% over the year and a 3.3% increase on January 2016.
Stats also showed that spend on contactless cards in February 2016 reached a sum of £1,318.3 million, which was nearly 20% more than the previous month and 308.8% across the year. The sum was split £1,159.2 million on debit and £159.2 million on credit and charge cards.
Across the whole month, there were 159.1 million contactless transactions, an increase of 227.9% across the year and an increase of 17.2% from January 2016. This is split £19.5 million on credit and charge cards and £139.6 million on debit cards.
The number of contactless cardholders in the UK has also increased, by 4.4% from January 2016, which means there were 332,607 bank-owned terminals in February 2016. This is an increase of 50.7% across the year.
It is also worth noting the average contactless transaction amount, especially given the maximum a person can currently spend at once on a contactless card is £30. In February 2016, the average for a contactless transaction was £8.28, showing a split of £8.30 (debit) and £8.15 (credit/charge cards).