February’s figures are in; over 60 contactless transactions a second

contactless_revolutionThere were more than 60 contactless transactions a second in February, newly released data from The UK Cards Association shows.

In total, there were 159.1 million contactless transactions, equivalent to about 63 a second, as customers continue to vote with their wallets by using cards to pay for low-value purchases. Overall, there were 1.182 billion transactions using cards in February, compared to 1.071 billion in February 2015.

The average contactless transaction has continued to grow in value to £8.28, reflecting the impact of the increase to £30 of the contactless payment limit.

By contrast, the average value of overall transactions, and those made specifically online and in shops, declined. This reflects the changing spending habits which see consumers use their cards as the preferred way to pay for increasingly smaller purchases, in place of cash.

Online spending now accounts for 24 per cent of all card payments, up from 22 per cent a year ago. Overall, £52.4 billion was spent using payment cards in February, and compares to £50.9 billion in February 2015, an increase of £1.3 billion on the previous year.

Richard Koch, Head of Policy at The UK Cards Association, commented on the finding saying, “With more than 60 transactions taking place a second, it is clear contactless card payments are becoming ever more popular. Whether picking up a pint of milk or buying a sandwich, customers are consistently voting with their wallets and using their cards as the predominant way of paying.”

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Categories: Contactless Payments

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