Contactless payments continue to soar

Contactless payments increased by 237 percent over the last six months compared to the same period the year before, according to Visa Europe, fuelled by the increase in the limit from 20 to 30 pounds last September.

Consumers purchasing products over 20 pounds using contactless payment has grown by 19.1 percent in the period between October 2015 and March 2016, double the rate of those under 20 pounds, which increased by 8 percent.

The popularity of convenience now means that contactless transactions between 20 and 30 pounds now accounts for more than 10 percent of all face-to-face card transactions within that spending band, said Visa Europe.

Kevin Jenkins, managing director for UK and Ireland at Visa Europe, said: “The trajectory for contactless payments continues to look very strong. Increasing the spending limit to 30 pounds has clearly encouraged consumer adoption and retailer opportunity across Britain.

“Overall, we have seen 36 million contactless transactions over 20 pounds in the first six months; which amounts to nearly 900 million pounds of transactions. While the number of transactions continues to grow, we are already we are already seeing the next generation payment technology arrive, with mobile and wearable payment services bedding in. Where the convenience and safety of making a contactless payment is available, consumers are eager to be cash free and proud.”