If there is one metric that can be used to most clearly present the rising success of contactless payments, it would be monthly spend. New research from the UK Cards Association shows that monthly contactless card spending has passed the £2 billion mark in July.
It was last November that spending on contactless cards has hit a record £1 billion in a single month for the first time. In January of that year it only added up to £287m. In all of 2015, contactless spending reached £7.75 billion. In 2014, £2.32 billion was spent using contactless. By March 2016, monthly contactless spend hit £1.5 billion.
And now, the UK Cards Association research has found that in July, contactless spend passed the £2 billion mark. In the first six months of 2016, contactless payments totalled £9.27 billion.
Richard Koch, head of policy at The UK Cards Association, said:
“Consumers’ adoption of contactless continues apace, with the number of contactless payments jumping by a tenth in just one month. At over £2 billion, contactless spending in July was more than three times higher than the same period last year.”
The rise of contactless in no small way contributed to the overall increase in card spending. Latest figures from the UKCA show that £54.3 billion was spent on payment cards in August 2016, up 4.2% from £52.1 billion in August 2015.
“Spending on cards as a proportion of overall spending increased to 77 per cent in August, despite a slight downturn in spending in the wake of the EU referendum. More and more spending is via cards, which are central to the economy and used increasingly for smaller, everyday purchases,” Koch added.
For al the joys of giving your loved ones gifts, the process of buying said gifts is a source of much stress, according to new research from Barclaycard. The card issuer found three quarters (72%) of the British population get stressed while Christmas shopping.
Amazon have recently launched their new in-store innovation service, Amazon Go.
Contactless cards made up 22% of all card transactions in the UK in September, according to the latest figures from the UK Card Association. Payment card spending grew by 0.6 per cent in September to reach £54.7 billion.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.