Contactless cards usage surges in Britain
The UK Cards Association has revealed that spending on contactless cards has reached £2.32bn ($3.6bn) in 2014.
The UK Cards Association has revealed that spending on contactless cards has reached £2.32bn ($3.6bn) in 2014 with 10 contactless transactions taking place every second in the UK.
The annual contactless figures for 2014 has shown 58 million contactless cards, 36.9 million debit cards and 21.2 million credit or charge cards, to be in circulation in the UK resulting a 52.2% rise from December 2013.
The total number of contactless transactions, which use secure Chip & Pin encryption technology, in the UK has surged from 100.4 million in 2013 to 319.2 million in 2014.
The UK Cards Association head of Policy Richard Koch said: “Contactless has now firmly stepped into the mainstream.
“With usage soaring every month last year, we’ve seen people flocking to contactless payments as they switch away from cash. For retailers, contactless means quicker queues at the tills and greater convenience for their customers.”