Majority of shoppers embracing contactless payments
Shoppers are increasingly choosing to pay for goods using contactless technology, with the total amount spent rocketing 560% in the last 12 months alone.
The data, from MasterCard, also showed that cardholders had doubled the number of times they tap to pay every year since 2012.
At present, shoppers are allowed to make payments of up to £20 without having to enter their pin, but this limit is set to rise to £30 on September 1, in a move that will further boost growth.
Increasing the spending limit will also raise security concerns among shoppers. But data from the UK Cards Association shows contactless to be one of the safest forms of card payments.
Last year, the total annual contactless fraud loss was £153,000 compared with total spending of £2.32bn.
This equates to 0.7p in every £100 spent on contactless.
By comparison, total fraud losses across all card forms represented 7.5p in every £100 spent, it said.