The number of ‘touch and go’ contactless transactions made by Barclaycard’s UK customers more than trebled in 2015, thanks in part to the raising of the spending cap to £30, new data shows.
Barclaycard, which processes nearly half of all credit and debit card transactions in the UK, saw the value of spending using contactless technology increase 164% compared to 2014 figures and volume also climbed 135%.
In addition, the average amount Barclaycard customers spend in each contactless transaction has increased 26%, to £8.65, following the introduction of the £30 limit with more than a quarter (27%) of active Barclaycard customers now using contactless each month.
Overall, London continues to lead the way for contactless usage, with more than four in 10 (41%) of all transactions of £20 and under now being made with contactless, followed by Cambridge (26%) and Northampton (24%).
Usage in the capital is largely accounted for by the increase in popularity of contactless travel on London’s tubes, trains and buses. Yet with contactless ticketing being looked at by other cities across the UK, it may not be long before the rest of the country catches up.
Tami Hargreaves, commercial director, Digital Consumer Payments at Barclaycard, said: “Every second counts for today’s busy shopper and as our data shows, ‘touch and go’ payments are now the norm for an increasing number of everyday purchases. Whether it’s grabbing a coffee on the way to work - or stocking up on groceries on the way home – the speed and ease of contactless means it’s now the preferred way to pay for shoppers across the country. As the old adage goes – ‘time is money’ and we expect contactless payments to continue to break new records throughout 2016.”
