Contactless card transactions were nearly a third of all volume in January 2019 according to new data from UK Finance.
Over the month, there were 642 million contactless card transactions in the UK. This is a 19.5% increase from the same time in 2018, a total of 537 million. The value of these contactless transactions totalled £5.9bn, an increase of 18.1% from January 2018.
The report also indicated that there are 99 million debit cards in the UK currently, 83 million of which are contactless. Credit cards issued totalled 60 million and 41 million of them are contactless.
January 2019 saw 1.4 billion debit card transactions in the UK, a 9.5% increase year-on-year. The total value was £50.2bn, a slight rise of 2.1% from the previous year. Of the £50.2bn, £46.8bn was inside the UK while the remaining £3.4bn was overseas.
Credit card transactions did not fare as well. There were 251 million transactions on UK cardholders’ credit cards in the first month of 2019. This was 0.8% less compared to 2018 and value dropped by 5.9% in comparison to slump to £15.1bn.
Overall, there were 1.6 billion debit and credit card transactions in the UK in January 2019. This is 12.2% higher than a year ago and held a total value of £60.9bn, 4.6% higher year-on-year.