Belfast Telegraph

Monthly contactless card spend hits a record £1bn

By Vicky Shaw

A record £1bn was spent using 'tap and go' contactless cards in November, figures have shown.

The total value of contactless payments made over the month was £1.02bn, industry body the UK Cards Association said.

The amount marks the first time contactless spending across the UK has hit the £1bn mark during a single month.

A total of 121 million contactless purchases were made during November.

In September, the limit for a single payment that could be made using contactless was increased by £10 to £30, making it an increasingly handy alternative to cash.

The average transaction value of a contactless payment increased to £8.03 in November, up from £7.72 in October, which the UK Cards Association said was likely due to the new £30 payment limit.

The technology enables customers to pay for goods with a single tap of their card on a reader, without the need to provide a signature or enter their PIN.

The same figures also showed that total spending on payment cards in November reached new monthly highs, in records going back to 1994.

The total value of card purchases, including debit and credit cards, was a record £53.2bn during the month, with the number of purchases also at a monthly record high of 1.174 billion.

The rises were partly put down to shopping bonanzas such as Black Friday and Cyber Monday.

Barclaycard said its customers now make more contactless transactions in a single calendar month than were made during the whole of 2013.

Belfast Telegraph