UK: UK card payments up in 2016

Consumers spent £647 billion using payment cards in 2016, up 4.35% from £620 billion in 2015, according to data from the UK Cards Association. Figures also show that 14.8 billion card transactions were made last year, which averages to 40.5 million transactions a day. However, the majority of this spending was made on debit cards, which amounted to £461 billion in total.

Contactless payments have seen an even bigger upward trend, accounting for £25 billion of spending, in comparison to just £7.75 billion in 2015.

Contactless payments have seen an even bigger upward trend, accounting for £25 billion of spending, in comparison to just £7.75 billion in 2015. Graham Peacop, Chief Executive of The UK Cards Association, said: “Cards are the preferred way to pay for millions of consumers and underpin the retail economy. Contactless cards are increasingly becoming the payment method of choice for everyday, low-value purchases, with a quarter of card payments now contactless.”

Upcoming Events
07
Oct
20
Australian Banking Innovation Summit 2020
The Rocks, NSW, Australia
See all upcoming events
map4
Subscribe to receive insights delivered straight to your inbox
Latest news, unbiased expert analysis and insights across banking and finance