The UK’s monthly debit and credit card transactions have exceeded one billion for the first time in August 2014, according to the latest figures revealed by The UK Cards Association.
Go deeper with GlobalData
Customers have made 1.006 billion transactions using their debit and credit cards in the UK in August 2014, a 9.2% increase compared to the same month in 2013.
Debit card transactions reached 774 million in August 2014, a 9.5% increase compared to the corresponding period last year. Credit card transactions were at 232 million, an 8.4% increase compared to the previous year period.
Overall spending on debit cards grew at 7.9% year-on-year, to £33.6bn, nearing double the growth rate of credit card expenditure, which increased by 4.3% to £13.7bn.
Richard Koch, head of policy at The UK Cards Association, said: “A billion card transactions in a month is a major milestone and a clear indicator of the transformation in how we all spend. Rather than walking around with wads of notes or pockets full of coins, we’re increasingly choosing to use a card instead.
US Tariffs are shifting - will you react or anticipate?
Don’t let policy changes catch you off guard. Stay proactive with real-time data and expert analysis.
By GlobalData“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.”
