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More than £1bn was spent in the UK through contactless cards in a month for the first time, as monthly spending quadrupled in just under a year.
According to the latest results from the UK Cards Association, a total of £1.02bn was spent using contactless by UK card holders in November 2015, compared with £287m in January 2015. A total of £53.2bn was spent using payment cards in November, of which £11.8bn was spent online.
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The average payment made using contactless in November 2015 was £8.03, compared with £7.72 a month earlier.
Richard Koch, head of policy at the UK Cards Association, said: “There is a real appetite for contactless payments and this is only going to grow.”
Transport is one of the sectors harnessing contactless payments. More than one million journeys were paid for using contactless Visa cards to make journeys on the London tube network in a single day in December 2015. A total of £339m was spent using contactless Visa cards by London travellers in the whole of 2015.
Technology is transforming the payments industry as consumers display an appetite for payment methods that make their lives easier.
In 2015, Visa predicted that mobile phones will become increasingly used for payments. It said the value of payments using mobile phones is expected to hit £1.2bn a week by 2020.
Read more about contactless payments
- Swiss watch-maker Swatch launches a smartwatch with contactless payment functionality.
- More than one million journeys on the London tube network were paid for using contactless Visa cards in a single day in the run-up to Christmas.
- More than one billion contactless payments were made in Europe by Visa customers in the past 12 months.
The average UK consumer will spend £27 a week using a mobile by 2020, while a quarter will spend more than £50, according to research from Visa Europe.
The study revealed that people are increasingly buying higher value goods using mobiles, with almost a quarter using a mobile phone to pay for electronic goods and 22% to buy clothes.