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Contactless spending hits new record.

SPENDING on contactless cards more than trebled over the last year to reach a record PS2.32bn in 2014, industry figures show.

Consumers typically made 10 contactless payments every second throughout 2014, with contactless cards being used a total of 319.2 million times last year, the UK Cards Association said. The latest figures show that contactless tap and go payments have now "firmly stepped into the mainstream", the Association said.

Year-on-year, annual spending increased by 255%, from PS653.4m worth of contactless payments being made in 2013. Spending on contactless cards last year was more than double the total of PS857.2m spent using this method in the previous six years combined.

Consumers can use a contactless card to pay for items worth up to PS20 by touching their card against a reader, rather than needing to enter their Pin or sign anything.

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Publication:The Journal (Newcastle, England)
Date:Feb 7, 2015
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