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Contactless payments rise by 18% between April and May: new figures

New figures have revealed that consumers made almost 20 million contactless transactions across the UK in May 2014, which was an 18% increase on the previous month.

GENERAL MERCHANDISE

Contactless payments rise by 18% between April and May: new figures

New figures have revealed that consumers made almost 20 million contactless transactions across the UK in May 2014, which was an 18% increase on the previous month.

The figures from Visa Europe show that more than 37.8 million contactless cards have now been issued by UK banks. This represents a 35% rise on the same period last year.  

May 2014 set a new record for the total value of transactions made by contactless cards in the UK in a single month. Transactions reached £126.7 million, which was a 14% increase on April 2014 and a rise of 189% compared to May last year.  

The average UK transaction value for contactless cards grew to £6.43 in May 2014 from £6.09 a year earlier. 

Visa Europe’s data also shows the UK’s top 30 retailers are helping to drive use of the payment method by accounting for 67% of all contactless payments in May 2014.  

Mark Austin, director of contactless at Visa Europe said: “Growth in Visa contactless payments is accelerating at a phenomenal pace. Driven by increased consumer awareness, the commitment of UK banks to issue Visa contactless cards and UK retailers activating contactless terminals, Visa contactless payments have reached record highs in the past few months. The pace of growth has been particularly exciting to see, as consumers experience the value, speed and convenience that Visa contactless payments deliver.”

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