25 Mar 2019
Data published by UK Finance has revealed that two in five card payments are made using contactless technology.
When compared to 2017, the number of contactless transactions carried out rose by 31% in 2018. 7.4 billion contactless debit and credit card transactions were made in 2018, the data showed – a significant increase when compared to 2017's figure of 5.6 billion.
According to UK Finance, in 2018, contactless spending totalled £69 billion – a rise of nearly a third when compared to the previous year. The trade association also found that eight out of ten debit cards and six out of ten credit cards are contactless.
Commenting on the data, 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.'