Contactless payments boom as coronavirus looms large
A record 62% of UK debit card payments in August were contactless, according to trade association UK Finance.
Much of this can be attributed to the Eat Out to Help Out scheme and the higher £45 payment limit introduced earlier this year.
Brits have also been encouraged by retailers, banks etc to pay by contactless cards and mobile phones to prevent the spread of Covid-19 during the pandemic.
45% of credit card transactions were also contactless. Eric Leenders, Managing Director of Personal Finance, UK Finance, says: “The amount of spending on UK debit cards fell slightly in August following a record high in July but remained strong at £58.4 billion.”
“The percentage of credit card balances attracting interest and the annual growth rate of outstanding balances on credit cards continued to decline – the latter dropping by 12.6% over the 12 months to August,” he adds.
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