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"Contactless cards enjoy impressive growth"

By Reno | July 6th, 2010 | General

According to recent reports contactless payment cards in the UK are enjoying impressive growth having grown increasingly popular amongst consumers looking for a fast, convenient, and secure way to make payments for smaller purchases without having to rummage about for cash when they are in a hurry.

It has been announced recently that the number of contactless Visa cards in use in the UK is set to soar to twelve million by the end of this year, as more and more people realise the benefits and convenience of using this cards to make payment for smaller purchases. The cards require no signature or PIN to be entered, and therefore transactions can be made with speed and ease, which is great news for both the customers and retailers who are using the system.

Officials from Visa Europe said that its original prediction for the number of contactless credit cards, debit cards, and prepaid cards that would be in use for the end of this year was ten million, but that given the increase popularity and use of the cards they had decided to increase this estimate to twelve million.

Visa Europe also said that over the past six months the number of transactions that had been carried out with the use of a contactless credit card had doubled, which again reflected the rising popularity of these cards as more and more people became aware of them and discovered their benefits.

Mark Austin from Visa Europe stated: “Since its launch in 2007, contactless technology has grown in popularity and is fast becoming an everyday way to pay. This is demonstrated by the fact that the average value transaction is currently £4.30, showing that people are more and more confident, and keen, to use cards for smaller amounts rather than carrying cash.”

Tags: Visa Europe, United Kingdom, Payment systems, Contactless payment, Credit Cards

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