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Contactless card uses surge

by LLB Reporter
15th Mar 19 11:57 am

One in three payments are made by using a contactless card, the number of transactions has soared to 31% during 2018, UK Finance data shows.

In 2018 6.3bn payments were made by using contactless debits cards, a 29% increase compared to the previous year, these payments were worth a collective total of £58bn.

Contactless use on credit cards has soared, there are 44% more purchases made in 2018, compared to the previous year.

There was 1.1bn credit card payments made on contactless in 2018, these transactions are valued at £11bn.

Eric Leenders, managing director of personal finance at UK Finance said, “Many of us are now reaching for our cards or mobiles rather than cash to make low-value purchases, as customers opt for the convenience and security of paying with contactless.

“There has also been an increase in credit card use although growth in outstanding balances has slowed, suggesting many consumers are using their cards for day-to-day spending rather than as a means of borrowing.”

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