Contactless spend in the UK rose 2.6 times last year
British consumers continue to be enamored with the ease of contactless spending. Last year saw contactless spend increased by 164% by value and 135% by volume, according to new figures from Barclaycard.
In 2015, the limit for contactless spend rose to £30, which led the average contactless transaction value to increase by 26% to £8.65. The card provider found that Barclaycard customers now make more contactless transactions in a single calendar month than were made in the whole of 2013, and more than a quarter of them use contactless every month.
In November, industry body UKCA revealed that monthly contactless spend passed the £1bn milestone for the first time. Barclaycard's UK customers made more than three times the number of contactless "touch and go" payments in the year.
Londoners use contactless the most, with more than four in 10 (41%) of all transactions of £20 and under now being made with contactless. This is mainly down to the fact that many use it to pay for transport in the capital. The second highest usage was seen in Cambridge, with 26%, and Northampton came third with 24%.
Barclaycard introduced the contactless technology in the UK in 2007, and recently collaborated with Topshop on a playful collection of contactless accessories, including wristbands, stickers, smartphone cases and key chains.
Tami Hargreaves, Commercial Director, Digital Consumer Payments at Barclaycard, said: “Every second counts for today’s busy shopper and as our data shows, ‘touch and go’ payments are now the norm for an increasing number of everyday purchases. Whether it’s grabbing a coffee on the way to work - or stocking up on groceries on the way home – the speed and ease of contactless means it’s now the preferred way to pay for shoppers across the country. As the old adage goes – ‘time is money’ and we expect contactless payments to continue to break new records throughout 2016.”
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