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Wednesday 20 September 2017

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Contactless drives UK card payments growth

Written by Anthony Strzalek
13/09/2017

The number of UK card payments increased to 1.39 billion in July, largely because of the migration of cash payments to card and the increased use of contactless, the latest UK Finance figures reveal.

Total card spending rose to £57.8 billion in the month, up from £54.2 billion in July 2016. Meanwhile, contactless payments accounted for 36 per cent of total purchases, compared to 19 per cent in July 2016.

The UK Finance data also showed that online spending grew by £170 million to £15.7 billion, accounting for 27 per cent of total card spending – up from 23 per cent in July 2016.
The largest monthly growth in spending was in the cinema, theatre and dance category. Amusement parks, tourist attractions and aquariums also recorded strong growth in July, coinciding with the holiday season.

Richard Koch, head of cards at UK Finance, said: “Coinciding with the ‘days-out’ holiday season, leisure and entertainment activities accounted for significant spend on cards during July. Contactless cards were used for one in three purchases as consumers continue to make lower-value transactions using their cards, rather than cash.”



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