Recent data released by The U.K. Cards Association showed contactless card spending reached a record high in March, rising 200 percent year-over-year.
According to the data, spending on contactless cards in the U.K. exceeded $184 million in March. More than 370 contactless transactions are estimated to occur every minute in the U.K., meaning the number of monthly transactions has more than tripled over the past year.
“Contactless technology is a fast, easy and secure way to pay by card,” Graham Peacop, the managing director of The U.K. Cards Association, said. “Whether it’s to buy a cup of coffee or pay for a trip on the bus, today’s figures show that consumers are voting with their wallets and find contactless cards a very convenient way to pay.”
According to the new data, over 42.4 million contactless cards are in circulation in the U.K. Approximately one in three cardholders said they have a contactless card.
Contactless cards use the same encryption technology as chip and PIN cards. Cardholders will occasionally be asked to enter their PIN to verify a transaction, and consumers are generally protected from fraud losses.