For the first time in the UK, contactless transactions have accounted for one in ten card payments, according to The UK Cards Association. There were 120.5 million contactless card payments in October, up from 3.7 per cent a year earlier. A total of £929.8 million was spent during the month, the average value of a payment being £7.72, up from £7.35 in September when the limit rose to £30.
Overall spending on debit and credit cards grew by 0.9 per cent in October to reach £53.2 billion. Richard Koch, head of policy at The UK Cards Association, says: "With one in 10 card payments now contactless, it’s clearly the preferred way to pay for millions of consumers. The rise in the contactless limit to £30 earlier this year means there are now even more opportunities to make a fast, easy and secure contactless payment."
Latest News
-
FCA and PSR to launch independent firm for variable recurring payments
-
Visa invests in Moniepoint to foster growth for African SMEs
-
Starling hires Raghu Narula as chief banking officer
-
ATB Financial rolls out Google’s genAI chatbot to 5,000 employees
-
HSBC pulls the plug on Zing payments app after just one year
-
Deutsche Bank partners with Yonyou to support Chinese FinTechs
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories