375 card payments are made every second in the UK, with August seeing 1 billion transactions made in a single month for the first time.
According to the UK Cards Association, the total number of card purchase made in August was 9.2% higher than the same month in 2013. Debit card usage rose 9.5% to 774 million purchases, while 232 million credit card purchases were made – a rise of 8.4%. The value of these purchases also increased, by 4.3% to £13.7 billion on credit cards and by 7.9% to £33.6 billion on debit cards.
These increases were particularly prominent in the retail sector, where spending rose by £119 million to £23.5 billion in August. In particular, this was driven by food, drink and household goods including electronics and furniture.
“A billion card transactions in a month is a major milestone and a clear indicator of the transformation in how we all spend,” observed 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.”
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