Contactless expenditure on Mastercard soars by 375% in 2015

By

Barbara Santamaria

Published
Feb 23, 2016

The number of transactions processed by MasterCard passed the 1 billion mark in Europe last year, representing a 150% increase from 2014. Contactless card transactions were the company’s fastest growing category in the UK, presenting a 375% surge from Q4 2014 to Q4 2015.

The growth reflects consumers’ increasingly positive attitudes towards this type of payments, which offers speed and convenience. The total number of MasterCard contactless cards in circulation expanded by 188% in the UK in 2015, while on average, shoppers spent £8.80 in contactless card transactions.

MasterCard’s latest figures also revealed that more than 66% of consumers now believe contactless technology is just as safe or more secure than traditional forms of payment.

Scott Abrahams, Group Head of Acceptance and Emerging Payments at MasterCard UK and Ireland commented: “The rise of contactless usage and acceptance is certainly encouraging, but so are the opportunities for retailers to capitalise on this trend. New research shows that in the UK, 59% of daily purchases are below £20, and therefore typically within the contactless limit. With the majority of transactions falling within the contactless price band, retailers are in the ideal position to take action and reap the benefits with so many consumers embracing this technology.”

In September of 2015, the single payment limit for a contactless card transaction was raised from £20 to £30, due to the technology’s soaring popularity. Contactless cards and devices are now accepted in 74 countries around the world, at more than 4 million retail locations worldwide.