Across the U.K. contactless payments seem to be heading down a path toward ignition as consumers made 19.7 million contactless transaction in May 2014. That represents an eighteen percent over the previous month and a 35 percent upswing in use year-to year.
More than volume, transaction value also picked up sharply between April and May 2014, according to figures released by Visa Europe. Consumers made $213.6 million (£126.7 million) contactless payments in May 2014—a 14 percent increase from the previous month and 189 percent growth since May 2013.
Apart of increase issuing and consumer adoption, Visa’s figures also indicate that retailers are pushing adoption—with the U.K.’s top 30 retailers accounting for 67 percent of contactless payments in May 2014.
“Growth in Visa contactless payments is accelerating at a phenomenal pace. Driven by increased consumer awareness, the commitment of UK banks to issue Visa contactless cards and UK retailers activating contactless terminals, Visa contactless payments have reached record highs in the past few months. The pace of growth has been particularly exciting to see, as consumers experience the value, speed and convenience that Visa contactless payments deliver,” noted Mark Austin, Director of Contactless at Visa Europe comments.
We’re always on the lookout for opportunities to partner with innovators and disruptors.
Learn More