UK debit and credit card use soars
Reading time: 2 minutes
UK consumers are relying increasingly on plastic with figures for the spring and early summer showing a rise in the use of credit, debit and charge cards.
The number of transactions grew by 12 per cent in the year to the end of June, the highest annual rate since 2008, according to UK Finance.
The trade body for 300 finance, banking and payments providers said the value of spending also rose, accelerating to 7.2 per cent.
The latest round-up of statistics show that 77 million more purchases were made on cards in the second quarter of the year than in the first three months of 2017.
An extra £110 million was spent on cards in the second quarter, compared with the first quarter.
Some of that can be explained by the rising cost of living, with the inflation rate having risen over the same period.
On an annual basis, growth in the total value of debit card purchases in the year to the end of June was 7.2 per cent, low-value contactless payments have reduced the amount spent on each typical transaction, but card use has become much more frequent.
The total value of credit and charge card purchases was up 6.9 per cent annually by the end of June.
Share this article:
Subscribe to our newsletter to not miss articles like this one:
SUBSCRIBE
