UK contactless spending trebles in 2015
The latest data from The UK Cards Association revealed that spending on contactless cards rose more than three-fold in 2015 to reach £7.75bn
This means that total contactless spending in 2015 was more than double the preceding seven years combined. In 2014, £2.32 billion was spent using contactless.
Totally 1.05 billion contactless purchases were made in 2015, a surge of 228% compared to the previous year. Contactless spending was up 233% on 2014.
The report said that nearly half of all debit and credit cards are now contactless, with a total of 79.3 million cards featuring the technology.
The monthly data revealed that contactless spending grew to £1.2bn in December, a jump of 17% on the previous month.
Around 140 million contactless transactions were made in December – equivalent to 52 every second.
The UK Cards Association chief executive Graham Peacop said: “The swift increase in contactless usage continued apace last year, with nearly one in eight card transactions now using the technology. Whether it’s to stock up in the supermarket, travel to work, or buy your lunch, contactless is a fast, easy and secure way to make payments.
“With a contactless payment, you no longer have to fumble around for the loose change in your purse or wallet. You can simply pay using a contactless card or with your mobile phone.”
Recent figures from Transport for London (TfL) showed that more than one million journeys are now made on the network every day using contactless.
In December 2015, total spending across all debit and credit cards rose to £53bn.
Total annual card spending reached £622bn in 2015 from 13.4 billion transactions, up from respective figures of £574bn and 12 billion in 2014.