Visa Europe has reported a surge in contactless payments. The payment network's contactless transactions grew year on year by 250%. This new payment method now accounts for 1 in 7 Visa transactions, which is up from just 1 in 25 a year ago
Britain has become a "cash-second" nation, claims Visa Europe, which saw an explosion in contactless payments drive an 11.5% rise in the number of transactions it recorded in the country last year. In a year when more UK payments were made electronically than with cash for the first time, Visa Europe saw point-of-sale spend rise 9.6%. More than £1 in every £3 spent in the country is now on a Visa card. There has been a surge in contactless payments, which grew 250% year-on-year and now account for one in seven Visa transactions, up from just one in 25 a year ago. Every day, more than one million Visa contactless transactions are happening on Transport for London’s network, while supermarkets dominate outside the capital.