Significant surge in contactless card usage
Contactless card usage reached record levels in the first half of this year, with consumers spending over £9 billion using this method of payment.
Data from the UK Cards Association revealed that more contactless card payments were made in the first six months of 2016 than in all of 2015: 1.1 billion contactless transactions were carried out during the first half of this year, compared with 1.05 billion in the whole of last year.
The figures also show that contactless payments now account for 18% of card spending – up from 7% a year ago.
However, cash is still the most common method of payment, according to the data.
Richard Koch, Head of Policy at the UK Cards Association, commented: ‘Contactless cards are firmly entrenched as the preferred way to pay for millions of consumers who expect to be able to use them for everyday purchases.
‘We anticipate the use of contactless cards will continue to increase, particularly as charities and transport operators outside London recognise the benefits this technology can bring.’