The total number of "touch-and-go" transactions has passed the one million mark, according to Barclays and Barclaycard.
The financial service providers have pioneered the use of the technology, which allows customers to hold cards equipped with touch-and-go technology up to a reader to buy goods up to the value of £15 without the need to enter their Pin code.
By submitting your personal information, you agree that TechTarget and its partners may contact you regarding relevant content, products and special offers.
Since January there has been a 217% rise in monthly contactless transactions, with more than 150,000 processed in September alone, according to the firms.
The statistics reveal there are currently 42,500 payment terminals in shops across the UK and 10 million Barclays and Barclaycard customers have been provided with contactless cards.
The companies estimate that as increasing numbers of retailers and banks commit to the technology, the number of contactless card holders in the UK is likely to reach 12 million by year end.
Several retailers have rolled out contactless terminals, including the Co-operative food stores, coffeeshop chains Eat and Pret A Manger. A trial is also underway at Boots the Chemist.
"The range of retailers offering contactless payments has grown significantly, from supermarkets, to restaurants to coffee shops all offering contactless as a quicker and easier option for their customers," said Dan Wass, current accounts director at Barclays.
"Contactless offers a real alternative for traditional cash transactions, helping to reduce queues and ending consumers' search for the correct change," he added.