Contactless credit card key to growth: Barclaycard

Reported by Helia Ebrahimi, written by Catherine Boyle
Thursday, 5 Sep 2013 | 2:17 AM ET
Jason Homa | Image Bank | Getty Images

The contactless credit card will be one of the most important factors in growing the credit card market, according to the chief executive of Barclaycard.

Barclaycard is one of the key tenets of Barclays' retail bank, with nearly 34 million customers.

The number of Barclaycard transactions multiplied by four to five times in the week after a large U.K. fast food provider started using contactless payments, Valerie Soranno Keating told CNBC.

"When people find it much easier to pay, they will start putting more money on that," she added.

Despite worries about excessive debt, global consumer spending on credit cards has continued to grow in recent years – although consumers are paying off their debt more quickly.

(Read more: Are savings habits backsliding?)

Soranno Keating praised UK consumers for their "fiscal responsibility" in repaying their debt over the past two years, and said that the company was seeing more "positive signs" on the UK economy, after a week in which a raft of data suggested that it is improving.

(Read more: U.K. going from strength to strength)

Follow Catherine on Twitter: @cboylecnbc

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