Contactless spend in the UK trebles as technology steps into the mainstream
06 February 2015 | 14504 views | 5
Spending on contactless cards more than trebled over the last year to reach a record £2.32 billion in 2014, according to data published by The UK Cards Association.
The new figures reveal a year of major growth in contactless usage, with the total spend in 2014 more than double that of all the previous six years combined. Year-on-year, annual spending rose by 255 per cent from £653.4 million in 2013.
UK consumers used their contactless cards 319.2 million times last year, with 10 contactless transactions taking place every second. The total number of contactless transactions jumped from 100.4 million in 2013.
The surge in contactless transactions has coincided with moves by Transport for London to use the technology for paying transit fares across the capital. Since the launch in September 2014, 41 million journeys have been made using contactless bank cards, with around 415,000 journeys now made every day.
With 58 million contactless cards in circulation in the UK, instances of fraud are also rare, with the latest figures showing losses of £51,000 over the first six months of 2014 - just 0.007 per cent of contactless card spending.
With card use soaring and fraud at manageable levels, the Association says the spending limit on contactless cards is set to be increased to £30 from the current £20 ceiling from September 2015.