Britain’s cashless revolution appears to be well underway, with the launch of Paym mobile technology yesterday, several mobile wallet services in the works from UK banks and mobile networks, and now news that contactless payments by debit and credit cards have topped £100 million in the space of one month for the first time. The UK Card Association, the trade body for the card payments industry, announced yesterday that £109.2 million was spent through contactless technology in March, more than three times the total from a year ago.
The Association also revealed that 42 million contactless-enabled cards are now in circulation in the UK, and one in three consumers are now able to use the technology. Barclaycard alone said it expects total contactless spending of £600 million this year.
Graham Peacop, managing director of The UK Cards Association said:
“Whether it’s to buy a cup of coffee or pay for a trip on the bus, today’s figures show that consumers are voting with their wallets and find contactless cards a very convenient way to pay.”
Most cardholders will not have been able to use the technology to pay for bus trips just yet, but contactless payments are finding their way into more and more everyday services. The London Underground is expected to begin accepting contactless card payments soon, and some networks in Liverpool already can.
Photo by OiMax