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December 23, 2016updated 21 Jan 2022 11:30am

Brits’ card spending hits record £55.3bn in October 2016

The Britons have spent a record £55.3bn using cards in October 2016 as they increasingly used online shopping and contactless technology to make purchases, according to the new figures released by the UK Cards Association.

By Verdict Staff

The Britons have spent a record £55.3bn using cards in October 2016 as they increasingly used online shopping and contactless technology to make purchases, according to the new figures released by the UK Cards Association.

The October spending, which is the highest figure ever seen within a single month, represent a 1.09% increase compared to £54.7bn spent during September 2016.

Almost a quarter (23%) of card spending was executed online. Around £12.9bn worth of card spending was made online, which marks an 11% annual increase.

There are now 100 million contactless cards in circulation, including both debit and credit cards, as per the data issued by the association.

Approximately £2.8bn worth of spending was made during October using contactless payment methods, representing a 15.6% increase on the previous month.

The average contactless transaction stood at £8.96.

“Merchants offering leisure goods and services, such as digital entertainment providers, hobbies, toys and games shops, cinema, theatre and dance establishments and amusement parks, saw the biggest monthly jump in card spending in October,” the UK Cards Association said in a statement.

The UK Cards Association head of policy Richard Koch said: “Cards continue to play a central role in the economy and our wallets. As the preferred way to pay for the majority of consumers, spending on cards will only increase.”

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