A Boom in Contactless Payments

By February 26, 2016News

Nearly one in eight purchases in the UK are made using contactless cards.

Over one billion contactless transactions were completed in 2015 according to the UK Cards Association. This means that the through the last year, more was spent using this technology than the previous seven years, combined. Roughly about 50% of all debit and credit cards are now fitted with this technology.

One of the most common ways to use this in the UK is with the public transport system. Also, this system has been proven as one of the first to implement this technology.

Of course, one of the main concerns remains security since until the PIN request, there are several transactions that can occur contactless, with values of up to £30. The industry however, reported a very low number of frauds in this segment.