One in seven sales now contactless, says Visa
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In 2015, 49 years since card payments were first introduced in Britain, cash payments were overtaken by cards.
The use of contactless card payments in Britain more than trebled over the past 12 months with shoppers growing increasingly accustomed to the use of "wave and pay", research from Visa Europe has shown.
According to the payment business provider, one in seven sales are now completed via "wave and pay" readers compared with one in 25 a year ago.
"Sixty percent of contactless transactions now take place outside the M25, confirming this isn't just a London phenomenon," said Kevin Jenkins, Visa Europe's UK and Ireland managing director.
"At this rate, cash will be seen as a peculiar way of paying for things in as little as five years' time."
Almost half a million contactless payment terminals have been installed in British shops, highlighting how popular the payment system has become since contactless cards were first introduced in 2007.
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