Overall, debit and credit cards now make up a 75.8 per cent share of total retail sales, up from 51.6 per cent in 2004.2.

In September 2014, Transport for London launched contactless payments across the transport network in the capital. Since the launch, 41 million journeys have been made so far using contactless, with around 415,000 journeys now made every day.

Shashi Verma, TfL’s Director of Customer Experience, said:

“It is fantastic to see the popularity of contactless continuing to grow across the UK. We have seen over 41 million journeys made across London using contactless within just five months. Using contactless payments to travel can save our customers time, they don’t need to stop to top-up an Oyster card, or buy a ticket and can benefit from daily and Monday to Sunday capping.”

Contactless cards use the same secure encryption technology as Chip and PIN, so consumers can be fully confident in the security of the technology. Payments can only take place where the card is placed within a few centimetres of the card reader.

To make sure cardholders pay using the right card, it’s always a good idea to take the contactless card out of a wallet to touch the reader. For added protection from fraud, from time to time, cardholders will be asked to enter their PIN to verify a transaction.

Instances of fraud on contactless cards are extremely rare, with the latest figures showing that contactless fraud totalled £51,000 over the first six months of 2014 – just 0.007 per cent of contactless card spending. However, if a card is lost or stolen, consumers are protected against fraud loss – they will not be liable for any fraudulent use and should report it to their card issuer as soon as possible.
ENDS
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