29 May 2017
Book a meeting today

Monthly UK contactless spending busts the £1 billion barrier

21 January 2016  |  6550 views  |  0 mastercard contactless payment 1

Spending on contactless cards in the UK has hit a record £1 billion in a single month for the first time.

Contactless payments totalled £1.02 billion in November 2015, new data from The UK Cards Association shows. By contrast, in January 2015, contactless spending amounted to just £287 million.

Richard Koch, head of policy at The UK Cards Association, says: “Spending on contactless cards has increased almost fourfold since the beginning of 2015 and for £1 billion to be spent via contactless in a month is a major milestone. ”

Total spending on payment cards in November 2015 reached £53.2 billion, with the number of purchases at a monthly record of 1.174 billion, with rises partly attributable to the impact of Black Friday and Cyber Monday.

Total online spending was £11.8 billion, compared to £10.4 billion in November 2014. The number of online purchases increased by 23% year on year.

The debit and credit card share of total retail sales was a record 78.6% in November.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK bus operators make business case for contactless travel

UK bus operators make business case for contactless travel

15 January 2016  |  5788 views  |  6 comments | 5 tweets | 7 linkedin
HSBC to issue contactless credit cards to corporate customers

HSBC to issue contactless credit cards to corporate customers

15 January 2016  |  7899 views  |  0 comments | 5 tweets | 6 linkedin
New York subway and buses to go contactless in 2018

New York subway and buses to go contactless in 2018

14 January 2016  |  6444 views  |  0 comments | 17 tweets | 19 linkedin
Visa contactless tube journeys hit million a day milestone

Visa contactless tube journeys hit million a day milestone

14 January 2016  |  7605 views  |  0 comments | 10 tweets | 13 linkedin
UK prepares for contactless travel revolution

UK prepares for contactless travel revolution

13 January 2016  |  9356 views  |  1 comments | 35 tweets | 19 linkedin
Online shopping and contactless spurs booming UK card spending

Online shopping and contactless spurs booming UK card spending

11 December 2015  |  7274 views  |  0 comments | 7 tweets | 5 linkedin
Contactless payments set to soar across Europe

Contactless payments set to soar across Europe

09 December 2015  |  11429 views  |  5 comments | 27 tweets | 24 linkedin
London black cabs to accept card and contactless payments

London black cabs to accept card and contactless payments

26 November 2015  |  7867 views  |  3 comments | 14 tweets | 29 linkedin
TopShop launches contactless fashion accessories

TopShop launches contactless fashion accessories

11 November 2015  |  9059 views  |  0 comments | 21 tweets | 21 linkedin
One-in-five journeys on London transport network are now contactless

One-in-five journeys on London transport network are now contactless

16 September 2015  |  6343 views  |  3 comments | 12 tweets | 12 linkedin

Related blogs

Create a blog about this story (membership required)
visit www.response.ncr.comvisit dh.comvisit vasco.com/news/PSD2-compliant-solutions

Top topics

Most viewed Most shared
BBVA launches Open API marketplaceBBVA launches Open API marketplace
14806 views comments | 54 tweets | 82 linkedin
Bank/fintech collaboration can take transaction banking to new heightsBank/fintech collaboration can take transa...
8293 views comments | 12 tweets | 24 linkedin
R3 raises $107mR3 raises $107m
7834 views comments | 17 tweets | 16 linkedin
TransferWise launches multi-currency business bank accountsTransferWise launches multi-currency busin...
7644 views comments | 13 tweets | 22 linkedin
Digital payments to drive social justiceDigital payments to drive social justice
7640 views comments | 24 tweets | 12 linkedin

Featured job

Six Figure Base + Commission + Stock Options
London

Find your next job