The amount we spent on contactless cards trebled to £7.8bn in 2015, with the payment method proving particularly popular with London commuters

 
Hayley Kirton
Follow Hayley
A man shows a 'Contactless' application
Is this our new favourite way of paying for things? (Source: Getty)

The way we're spending is changing, with the value of transactions on contactless cards soaring last year, according to research released today.

The study by The UK Cards Association discovered that spending on contactless cards hit £7.8bn in 2015, up 233 per cent from £2.3bn in 2014.

The number of transactions carried out contactlessly also rose to 1.1bn in 2015, up 228 per cent from 2014.

"The swift increase in contactless usage continued apace last year, with nearly one in eight card transactions now using the technology," said Graham Peacop, chief executive of The UK Cards Association. "Whether it’s to stock up in the supermarket, travel to work, or buy your lunch, contactless is a fast, easy and secure way to make payments."

The payment method is proving particularly popular with London Underground users, with more than one million journeys across the Transport for London (TfL) now being made every day using contactless.

Read more: Soon you will be able to use contactless everywhere

"The popularity of contactless payments on London’s transport network is phenomenal," said Shashi Verma, director of customer experience at TfL. "We’ve already seen more than 350m journeys made using contactless, using cards from more than 80 different countries."

Last month, Visa Europe revealed that it has seen contactless card payments rocket by 250 per cent in the last year, with one in seven of its UK transactions now taking place this way.

Related articles