|
|
While much of this increase came from the introduction of contactless fares on the Transport for London network in late 2014, the company said the technology had already spread far beyond the capital's buses and trains.
Cashless payments overtook notes and coins last year, according to the Payments Council. While it took plastic cards 49 years from the first Barclaycard to become the dominant payment method, contactless technology has grown rapidly since the first UK transactions in 2007
Nearly half a million contactless payment terminals have been installed in British retailers, enabling near-instant payment without verifying the sale with a PIN or signature. “From here on, every acceptance device that’s ever installed or upgraded will be contactless as standard,” said Mr Jenkins.
Some shops such as Boots and Costa Coffee already offer contactless sales across the country. However, the supermarkets have been slower to adopt the new technology, in part because the limit on each contactless transaction is just £30, less than half the £66 average weekly household food bill.
Overall, paying on plastic has continued to grow in popularity, with Visa’s UK transactions rising 11.5pc, boosted by the explosion in online retail as well as contactless. The firm said that despite a difficult Christmas for many retailers, every day in December 2015 brought more card transactions than its single busiest online shopping day in 2012.
Visa Europe’s revenues come from fees from card issuers such as banks; charges for processing sales; and international transaction fees.