Contactless Payments Surge by 18% in the UK
Published on: 14th Aug 2014
Note -- this news article is more than a year old.
The use of contactless cards to make payments has continued to gain monthly momentum in the UK, according to figures released by Visa Europe.
Consumers made almost 20 million (19.7 million) contactless transactions across the UK in May 2014, an 18% increase on April 2014 alone. More than 37.8 million contactless cards have now been issued by UK banks, a 35% increase on the same period last year.
May 2014 also set a new record for the total value of transactions made by contactless cards in the UK in a single month, reaching £126.7 million, a 14% increase on April 2014. This also indicates a growth of 189% since May 2013.
The average UK transaction value for contactless cards in May 2014 was £6.43. This figure represents a 34 pence per transaction increase since May 2013, where contactless payments averaged £6.09 per transaction.
Visa Europe's data also shows that in addition to increased usage by consumers and greater issuing of contactless cards from banks, the UK's top 30 retailers are helping to drive use of the payment method. The top 30 retailers accounted for 67% of all contactless payments in May 2014.
Nick Mackie, Head of Contactless at Visa Europe comments: "Growth in Visa contactless payments is accelerating at a phenomenal pace. Driven by increased consumer awareness, the commitment of UK banks to issue Visa contactless cards and UK retailers activating contactless terminals, Visa contactless payments have reached record highs in the past few months. The pace of growth has been particularly exciting to see, as consumers experience the value, speed and convenience that Visa contactless payments deliver".