The UK Cards Association have declared that the limit on contactless payments will rise to £30 in September 2015.
At present, the limit for a singular transaction is £20. It has doubled since the scheme commenced in 2007 when a customer could only spend £10 via this method.
This form of payment allows spenders to simply touch their card to the reader for purchases below this figure and avoids an elongated transaction where the pin number is required.
The scheme has been a huge success with payments from contactless rising from £653 million in 2013 to £2.32 billion at present, meaning it has more than tripled in popularity over that time period. Further to this, data has revealed that in 2014 customers used contactless cards a staggering 319 million times.
A huge reason for the rise has been Londonís transport system allowing the use of contactless payments since September 2014. Subsequent to that introduction, contactless cards have been used 41 million times on the tube or the bus. Figures released in December show that commuters in the capital accounted for 1 in 10 of contactless transactions in the United Kingdom for that month.
The Director of Customer Experience at Transport for London, Sashi Verma, commented: ìWe have seen over 41 million journey made across London using contactless within just five months. Contactless payments to travel can save our customers time, they donít need to stop to top-up an Oyster card, or buy a ticket and can benefit from daily and Monday to Sunday capping.î
The head of policy at the UK Cards Association, Mr. Richard Koch, stated: ìContactless has now firmly stepped into the mainstream. With usage soaring every month last year, weíve seen people flocking to contactless payments as they switch away from cash. For retailers, contactless means quicker queues and greater convenience for their customers.î
A study by the Times has revealed that the UK is moving rapidly towards becoming a cashless country. Digital transactions are forecast to overtake cash payments by March 2015.
The UK Cards Association have also revealed that the average spend in a contactless payment is £8.26 and that there has been a 52.2% rise in the number of contactless cards since the end of 2013.