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.