Contactless Card Payments Hit £1bn

In November 2015 contactless card payments accounted for more than £1bn worth of UK payments.

According to results from the UK Card Association a total of £1.02bn was spent by UK card holders in November 2015 compared with £287m in January 2015.

Head of policy at the UK Cards Association, Richard Koch, said: "There is a real appetite for contactless payments and this is only going to grow."

Transport is one of the sectors making use of contactless payments. More than one million journeys were paid for using contactless Visa cards to make journeys on the London tube.

Technology is transforming the payments industry as consumers display an appetite for payment methods that make their lives easier.

Last year Visa predicted that mobile phones will become increasingly used for payments and said the value of payments using mobile phones is expected to hit £1.2bn a week by 2020.

The study also revealed that people are increasingly buying higher value goods using mobiles, with almost a quarter using a mobile phone to pay for electronic goods.

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