Visa Europe has reported a surge in contactless payments. The payment network's contactless transactions grew year on year by 250%. This new payment method now accounts for 1 in 7 Visa transactions, which is up from just 1 in 25 a year ago.
Britain has become a "cash-second" nation, claims Visa Europe, which saw an explosion in contactless payments drive an 11.5% rise in the number of transactions it recorded in the country last year. In a year when more UK payments were made electronically than with cash for the first time, Visa Europe saw point-of-sale spend rise 9.6%. More than £1 in every £3 spent in the country is now on a Visa card.