Contactless payments are becoming more popular since the launch of services like Apple Pay and Samsung Pay and now MasterCard has revealed some details on how many people are using the payments on their network in the UK.
According to the latest data released by the company, contactless payments in the UK on their network increased by 375 percent in 2015.
MasterCard’s latest figures reveal that the UK is leading the way with the number of active contactless cards in circulation growing by 188% in the UK, and contactless expenditure growing by 375% from Q4 2014 to Q4 2015.
Scott Abrahams, Group Head of Acceptance and Emerging Payments at MasterCard UK and Ireland commented: “The rise of contactless usage and acceptance is certainly encouraging, but so are the opportunities for retailers to capitalise on this trend. New research1 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.”
Whilst many of the contactless payments were below £20 last year, this is expected to increase as the limit on payments in the UK was recently increased to £30.
Source MasterCardFiled Under: Top News