UK Contactless Card Spending Hits £1Bn in A Single Month!March 23, 2016
Latest figures from The UK Cards Association show that people have now firmly adopted the new contactless payment method.
Reports show that the number of people using contactless payments has simply soared over the last year, with November 2015 seeing a record amount of £1.02 billion being spent via contactless technology!
November’s record is put in perspective when you compare contactless spending data from January 2015, which accounted for ‘only’ “237 million. The UK Cards Association’s Head of Policy, Richard Koch, commented on this increase, stating: “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.”
Spending data shows that in October 2015, the average contactless payment’s transaction value was £7.72 and this increased in November to £8.03. This is likely to have been a knock-on effect from the contactless payment limit being increased in September from £20 to £30.
There is no doubt that contactless payments have made transactions a lot easier, and faster in many cases, whether you want to pay for your lunch, your daily commute or even buy an item of clothing! It is therefore little wonder that there has been such a huge take up.
Koch believes that contactless payment’s popularity will only continue to grow: “Making a contactless payment is fast, easy and secure. With so many retailers now accepting this technology, we are sure consumers will continue to vote with their wallets and use contactless cards as their preferred way to pay.”
The report from The UK Cards Association also shows that:
– In November 2015, total card spend reached £53.2 billion.
– A total of £11.8 billion was spent online, an increase of 1.4 billion from the previous year. The number of online purchases also increased, by 23%.
– November 2015 saw an increase of £108 million in the retail sector, which is attributable to sales of food and drink.
– November 2015 saw substantial rises in the amount being spent in leisure, toys and games stores and gift stores, no doubt this can, in part, be attributed to Christmas spending.
– Taking into account the total retail sales made in November 2015, credit and debit card’s share was 78.6%, a new record!