By Claire West
Consumers taking advantage of contactless cards have together saved over 90 years of time since they were introduced, a new publication by the BBA has found.
On average, they found that it takes half a second to “wave and pay” by contactless card, while it takes seven seconds to pay by chip and PIN.
Figures from the UK Cards Association show there were 452,912,149 contactless transactions from the period that contactless payment was introduced, up until the end of 2014. The figures mean that 93.6 years have been saved when paying over this period.
A new BBA publication The Benefits of Banking also says there are now 215,380 places to pay with a contactless card at terminals supplied by banks, and that the average contactless transaction is worth £8.26. Fifty-eight million contactless cards had been issued by the end of 2014.