UK Card Transactions Hit Record 1 Billion per Month
Wednesday, 10 June 2015
Consumers in the UK are spending more of their cards than ever before, with over 1 billion transactions in February, according to figures released by the UK Cards Association.
A total of £49.6 billion was spent on cards in February, with spending on debit cards continuing to outstrip credit cards, increasing 7.7% on the same time last year to £35.2 billion, whilst credit card spending grew 5.6% to £14.4 billion.
Figures for UK card spending online were also published for the first time last month and accounting for 24.4% of all card spend and 11.3% of all card-based transactions. The average online transaction was £103.62, double the average spend of £46.92 for all types of card transaction.
Growth in card spending has slowed overall in recent months, reflecting the drop in inflation. However, the robust growth in the number of monthly card-based transactions has continued, increasing 9.8% year-on-year to over 1 billion for February of this year. It was also revealed in these figures that four-fifths of spending on credit and charge cards was done so by cardholders who repaid their balance in full each month.
“Consumers are using their cards more than ever before, with over 435 transactions taking place every second, meaning a great number of smaller transactions,” said head of policy at the UK Cards Association, Richard Koch.
“At the same time, as inflation remains at a record low it means we’re seeing the growth in the amount people spend on cards slowing.”