The UK consumer spending using cards has increased to £566bn in 2014 from £270bn in 2005, according to a report from The UK Cards Association.
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The report revealed that debit represented 71% of card spending in 2014 compared to 58% in 2005, with number of people having debit card rising to 48.5 million in 2014 from 40.8 million 10 years earlier.
Card spending in pubs grew to nearly £5bn in 2014 from £1bn in 2005, and card spending in supermarkets increased to £99.5bn in 2014 from £51.2bn in 2005.
Number of card transactions in the entertainment sector surged to 1.9 billion in 2014 as compared to 500 million in 2005, with restaurants taking £22.2bn in 2014 from £8.6bn in 2005 due to rise in card spending.
Cards’ use by individuals and businesses recorded a rise of £22bn as government services went online. The report also said that payment cards were used for 75% of retail sales by 2014 end as compared to 54% in 2005.
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By GlobalDataThe UK Cards Association head of policy Richard Koch said: “Today we think nothing of paying for a coffee and a sandwich with a contactless payment card or streaming films on a smartphone which is also enabled for mobile payments. This is so different to a decade ago when we carried more cash and shopped in high street stores.
“Even during the last recession, the use of cards as a proportion of overall spending continued to grow as customers recognised the convenience, ease and security of this method of payment.
“Cards are accepted in more places than ever before and with innovations such as contactless cards and digital wallets, this trend is sure to continue.”
