British shoppers trebled their use of contactless payment cards in 2014, bringing total contactless spending to £2.32 billion.
The UK Cards Association said on Friday that debit and credit cards accounted for 75.8 per cent of retail sales in Britain.
Contactless card users can make a ‘one-tap’ transaction for purchases up to £20, meaning that such transactions are being used for smaller purchases that might have traditionally been paid for in cash.
Executives in the financial services industry expect cash purchases to continue to decline as alternative forms of payment become more convenient, Reuters reported.
Barclaycard, which processes nearly half of all payment card transactions in Britain, said on Friday that contactless spending with its cards had risen 115 per cent in value and 108 percent in volume in 2014, with the highest usage rate in London. In the capital, contactless cards accounted for three out of every 10 eligible transactions.
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Just under twenty percent of all card purchases are now being made on contactless cards, according to new data from the UK Cards Association.