Monthly contactless card spend tops £100m as transactions triple in a year
Monthly spending on contactless cards has exceeded £100 million for the first time, according to data published today [29 April 2014] by The UK Cards Association.
The new figures show that UK consumers spent a record £109.2 million using their contactless cards during March 2014, up by £22.2 million since February and by over 200 per cent since the same month last year.
Over 370 contactless transactions are now made every minute in the UK – six every second. The number of monthly transactions has more than tripled in a year.
Consumers can use a contactless card to pay for purchases up to £20 simply by touching their card against the contactless reader.
Announcing the latest data at the Contactless Intelligence conference in London today, Graham Peacop, Managing Director of The UK Cards Association, said:
"Contactless technology is a fast, easy and secure way to pay by card. Whether it’s to buy a cup of coffee or pay for a trip on the bus, today’s figures show that consumers are voting with their wallets and find contactless cards a very convenient way to pay.”
Contactless cards use the same secure encryption technology as Chip & PIN so consumers can be fully confident in the security of the technology. Payments can only take place where the card is placed within a few centimetres of the card reader. To make sure you pay using the right card, it's always a good idea to take your contactless card out of your wallet to touch the reader.
For added protection from fraud, from time to time, cardholders will be asked to enter their PIN to verify a transaction. Instances of fraud on contactless cards are extremely rare, however if a card is lost or stolen, consumers are protected against fraud loss - they will not be liable for any fraudulent use and should report it to their card issuer as soon as possible.
The new figures show that there are over 42.4 million contactless cards in circulation in the UK, with approximately 1 in 3 cardholders currently having a contactless card. The average value of a contactless transaction in £6.46.
For further information contact the press office on 020 3217 8436 or Press@ukcards.org.uk
Notes to editors:
About The UK Cards Association
The UK Cards Association is the trade body for the card payments industry in the UK, representing financial institutions which act as card issuers and acquirers. Members of the Association account for the vast majority of debit and credit cards issued in the UK - issuing in excess of 56 million credit cards and 95 million debit cards - and cover the whole of the payment card acquiring market.
The Association promotes co-operation between industry participants in order to progress non-competitive matters of mutual interest; informs and engages with stakeholders to shape legal and regulatory developments; develops industry best practice; safeguards the integrity of the card payments industry by tackling card fraud; develops industry standards; and co-ordinates other industry-wide initiatives such as those aiming to deliver innovation. As an Association we are committed to delivering a card payments industry that is constantly focused on improved outcomes for the customer. www.theukcardsassociation.org.uk