Credit, Collections & Insolvency News
Contactless transactions have risen 31 percent year-on-year in 2018, to latest data from banking trade body UK Finance.
The current payment limit with a contactless card is £30, more than which a Pin must be used. But an increase in usage throughout 2018 is expected to lead to an increase in that maximum, although those using Apple Pay are already able to spend more than that limit in most retailers.
Two in five card payments are made using contactless technology.
Payments on contactless debit cards were up 29 percent last year, with more than 6.3 payments made worth a total of £58bn, while there was an increase in contactless credit card payments of 44 percent. The average spent per transaction on any card by any means was £35.
In 2017, debit card use overtook the number of payments made in cash in the UK for the first time.
Eric Leenders, Managing Director of personal finance at UK Finance, said “Many of us are now reaching for our cards or mobiles rather than cash to make low-value purchases, as customers opt for the convenience and security of paying with contactless.”
“There has also been an increase in credit card use although growth in outstanding balances has slowed, suggesting many consumers are using their cards for day-to-day spending rather than as a means of borrowing.”
