The rise of contactless payments

The rise of contactless payments

author: Dan Griffiths

By Dan Griffiths

Card users across the UK are seeing the benefits of paying with contactless, with a huge surge of payments made this way in the past year.

In November 2015, the total spend via contactless was just over £1.02 billion – over three-and-a-half times as much as was spent this way in January of the same year.

To add to this, separate research by Visa Europe found that by October last year, one in seven face-to-face transactions in the UK were made via contactless payments. When compared with the one in 25 payments that were made this way in 2014, it is clear the UK has taken a distinct shine to contactless payments.

A big month for spending

According to the research, November 2015 was a big month for contactless spending, with the total flying up by 10% on the previous month to a record £1.02 billion. Alongside this, the total number of purchases reached a massive 128 million – up 6% on October.

The UK Cards Association suggest the presence of big-spend events like black Friday and cyber Monday could have influenced the increase in spending slightly, although buyers would be limited to making purchases that cost no more than £30 when using a contactless card.

With the average transaction value rising by 31p to £8.03 in November, it seems the increase from a maximum contactless spend of £20 to £30 in September may also have influenced the increase.

The uptake of contactless payments has more than doubled each year since its launch, from just £44,968 spent this way in November 2008 to a huge £1.02 billion spent in November 2015 – as the table below shows:

Date Total contactless spend
November 2008 £44,968
November 2009 £273,360
November 2010 £963,208
November 2011 £3,960,238
November 2012 £25,762,239
November 2013 £80,605,973
November 2014 £302,684,649
November 2015 £1,020,000,000

A speedy way to pay

From flashing the plastic to grab your morning coffee in a hurry to travelling on the London Underground or your train commute to work, contactless payments have considerably sped up the process of making purchases.

As contactless becomes a more popular way to pay, it’s likely that more retailers will warm to the idea and install contactless readers at their checkouts.

Retailers aren’t the only ones responding to the demand either, as more and more credit and debit card providers are choosing to adopt this technology. And it’s no surprise, as there’s a huge increase in demand from shoppers like you to speed up transactions.

That’s why you can now pay contactless with the Ocean credit card too. 

Disclaimer: All information and links are correct at the time of publishing.

author: Dan Griffiths

By Dan Griffiths

The rise of contactless payments The rise of contactless payments