UK Card Transactions Hit 1bn in August
Debit and credit card transactions in the UK exceeded 1bn in August, according to the UK Cards Association. It was the first time card purchases hit these levels in a single month in the UK.
Card purchases were up 9.2% over the same month last year. According to the report, there are 375 card transactions made every second in the UK. Consumers made 774 million debit card purchases, up 9.5% from August 2013, and 232 million credit card purchases, up 8.4 percent. Overall spending on debit increased 7.9% to £33.6 billion, while spending on credit increased 4.3% to £13.7 billion.
The UK Card Association noted that the numbers reflect the fact that UK consumers moving on from cash. “A billion card transactions in a month is a major milestone and a clear indicator of the transformation in how we all spend,” said Richard Koch, head of policy at The UK Cards Association. “Rather than walking around with wads of notes or pockets full of coins, we’re increasingly choosing to use a card instead. With the rise in contactless transactions as a convenient way to make smaller payments, and online shopping too, it’s debit cards in particular that are leading the rise.”