Statistics released by Visa Europe earlier this month have revealed that bars and pubs in the UK have reported a spike in contactless payments in the £20 to £30 band, following the increase in the limit for this kind of transaction to £30 in the summer of 2015.
Visa’s stats also confirmed average weekly growth for these types of transactions was up a third in the five months between October 2015 and March 2016, in comparison to the growth of just 3% for contactless purchases under £20.
Overall, transactions of the contactless variety over £20 realised an average monthly growth rate of 19.1% between October 2015 and March 2016, more than double the average monthly growth rate for contactless transactions under £20 (8%) during that period. Visa also stated that usage of contactless payments between £20 and £30 now represents in excess of 10% of all face-to-face card transactions that lie in that spending band.
Visa Europe accounts for the processing of more than 18 billion transactions every year, and there are more than 500 million Visa cards in operation in Europe alone. The card business claims that for every €6 spent in Europe €1 is on a Visa card.
Managing director for UK & Ireland at Visa Europe, Kevin Jenkins, also reiterated the popularity of contactless payments noting that the growth trajectory appears strong.
According to Visa’s research, other sectors including petrol stations, supermarkets, and restaurants have benefited considerably from the increase in the contactless spending limit.
Are you using contactless payments in your high street store to accompany your eCommerce website (UK based) sales? Now could be the time to think about upgrading.