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Contactless expenditure on MasterCardís UK network up 375% in 2015
Data from Mastercard has revealed the total number of MasterCard processed contactless transactions passed the 1 billion mark in Europe last year to mark a year-on-year increase of 150%.
The figures also show that the number of active contactless cards in circulation in the UK grew by 188% in 2015 with contactless expenditure climbing by 375% year-on-year.
During the same period, the average size of contactless transaction was £8.80.
Scott Abrahams, group head of acceptance and emerging payments at MasterCard UK and Ireland, said: “The rise of contactless usage and acceptance is certainly encouraging, but so are the opportunities for retailers to capitalise on this trend.
“New research shows that in the UK, 59% of daily purchases are below £20, and therefore typically within the contactless limit. With the majority of transactions falling within the contactless price band, retailers are in the ideal position to take action and reap the benefits with so many consumers embracing this technology.”
The data also shows the number of contactless cards and devices issued to consumers across Europe increased by 50% in 2015.