Fresh figures from the UK Cards Association shows that a quarter of card payments are now contactless in the UK. With 325 million purchases made using contactless debit and credit cards in November 2016, this accounted for 25% of all card payments.
Contactless payments are growing rapidly in popularity as it was only in August 2016 that the 20% barrier was broken. It’s impressive growth and no doubt helped by the 102 million credit and debit cards in the country. For comparison the contactless payment rate was 11% in November 2015, more than doubling in a year.
Interestingly, the average payment was GB£8.95, which reflects the convenient use for low cost items. The maximum for contactless payment is GB£30. Anything above that requires a PIN.
On a personal note, two out of my three regularly used credit/debit cards are now enabled for contactless payment and it is convenient, though I have to admit that I never saw putting in a PIN as very onerous or time consuming; it takes longer for the receipt to come out….now that would be a service improvement – imagine you could tie your email address to your card and that instead of printing a receipt, it was emailed directly to you. Genius!.