The popularity of cards continues to grow, and records were broken in October 2016.
Britons spent a record £55.3bn using cards in October, and they significantly increased in popularity most notably through online shopping and contactless technology.
23% of the figure was spent online and around £12.8bn worth of card transactions were performed online which marks a significant annual increase of 11%.
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 over 100 million contactless cards in circulation, which includes both credit and debits cards, and the average contactless transaction stood at £8.96 for the calendar month.
Contactless Cards are playing a pivotal role in society and helping the UK economy, whilst changing the Brits’ spending habits. Contactless is now viewed as the preferred way to pay for the majority of customers, and the figures for Christmas 2016 indicate this figure may be broken, we are expecting this to be announced in the coming weeks.
Approximately £2.8bn worth of spending was made during October using contactless payment methods, representing a 15.6% increase on the previous month.
All facts and figures in this blog are provided by the UK Cards Association.
How are your customers reacting to the improvement in contactless payment facilities? We’d love to hear your thoughts.