Contactless payment is getting more popular in the UK
It seems like raising the limit on how much people can spend using contactless pay was a good choice. Millions of pounds have been spent by Britons swiping their card or mobile device, since the limit went up from from £20 to £30 in September last year.
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Since the limit change last year, there have been 36 million cashless transactions with a total worth of 900 million pounds. Transactions with a value between 20 and 30 pounds have grown by 19.1 percent, on average over the past five months. That’s twice the rate of those under 20 pounds, which grew at eight per cent over the same period.
1 in 5 face-to-face card payments under £30 is contactless
Data from Visa Europe shows that contactless payments now make up one in five of all face-to-face card payments under £30. When only looked at payments between 20 and 30 pounds, the use of contactless accounts for more than 10 percent of all face-to-face card transactions.
It’s especially in restaurants and supermarkets where people use this new kind of payment method. Here cashless transactions increased by 155 and 100 percent respectively. Contactless paying is also gaining popularity in bars and pubs, where its use grew on average by 30 percent each week.
The next generation of payment technology arrives
“While the number of transactions continues to grow, we are already seeing the next generation payment technology arrive, with mobile and wearable payment services bedding in,” said Visa Europe managing director Kevin Jenkins. “Where the convenience and safety of making a contactless payment is available, consumers are eager to be cash free and proud.”