Remember the days when you handed over coins and pieces of paper to buy everything from sweets to a new car. These days it’s all done via virtual currencies like bitcoins and small pieces of plastic that we keep in our wallets, or even our phones. You will soon be able to pay for your taxi without even handing over a single coin, so is it any surprise that the UK saw a boom in contactless payments in 2015?
According to UK Cards Associated, the UK conducted over one billion transactions using contactless technologies, with the total amount spent using this method totaling more than the past seven years combined!
With one in 13 payments being made using contactless, and the limit being increased to £30 from £20 per contactless payment it comes as no surprise that this technologies use has boomed since its adoption a few years ago. With contactless transactions totaling over £7.75 billion, you may see more and more people choosing to use this technology with Apple being one of many companies adding it to their phones.
Do you have contactless payment on your card or phone? If so do you prefer using it or are you one for the good old-fashioned cash and coin?