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Brits embrace higher contactless spending limit

Contactless spending - Raising the spending limit from £20 to £30 six months ago has proved popular - SantanderCB

The UK's decision to raise the contactless spending limit from £20 to £30 six months ago has proved popular, particularly with pub-goers, new figures from Visa show. Contactless transactions over £20 saw an average monthly growth rate of 19.1% between October 2015 and March 2016, double the growth rate of tap and pay under £20. In total, contactless usage between £20 and £30 now accounts for more than 10% of all face-to-face card transactions within that spending band. There has been a surge in contactless payments in the £20 to £30 band in pubs and bars, compared to growth of only 3% in or contactless purchases under £20. In supermarkets, where the average basket is £25, the data shows a 100% increase in contactless transactions compared to the six months before the £30 limit was introduced. Contactless expenditure in restaurants has risen 155% while the average contactless transaction in service stations has increased by £2.22 since the £30 limit began.

 

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