Contactless spending reaches new record of £9bn topping 2015 total spend & overtaking the use of Cheques
According to new figures released from The UK Card Association, around £9.27 billion was spent on contactless cards, totalling 1.1 billion transactions between January and June 2016 compared to 1.05 billion for the whole of 2015.
Contactless cards were originally launched in the UK back in 2007, and it has taken almost a decade for the technology to take off. The rise in popularity in this payment technology could be largely down to The Transport for London, who introduced contactless technology on the buses after the 2012 Olympics. Since then the contactless cards have grown considerably in popularity and is a preferred method of payment.
The British Bankers Association stated that fifteen million contactless cards were issued last year; this coupled with the increase of the contactless transaction limit has definitely contributed in the increase of contactless payments.
Mintel research also reveals that contactless card use in the UK has even overtaken cheques for the first time. In the last three months cheques have been used by less than 30%, compared to 40% in 2015. Meaning that cheques are now the least likely payment method by the UK population.
Going forward, contactless technology will continue to grow. Retailers and businesses are realising that more and more customers want to pay with contactless. The Telegraph has stated that 5 of the biggest bus operators in the UK will introduce contactless fares by 2022.
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