UK Finance’s latest card spending update has highlighted that there were 2.18 billion debit card transactions in June this was 8.2 per cent more than in June 2022 with the total spend of £65.3 billion was five per cent higher than June 2022.
There were 368.5 million credit card transactions in June, 7 per cent more than in June 2022. The total spend of £20.7 billion was 8.3 per cent higher than June 2022.
Outstanding balances on credit card accounts have grown by 8.7 per cent over the twelve months to June and 49.8 per cent of outstanding balances incurred interest compared to 51 per cent twelve months ago.
Contactless payments accounted for 63 per cent of all credit card and 76 per cent of all debit card transactions. There were 1.6 billion contactless card transactions in June, 10.5 per cent more than the 1.4 billion in June 2022. The total value of contactless transactions was £24.4 billion in June, a 12.8 per cent increase on £21.7 billion in June 2022.
The number of contactless credit card transactions was 13.8 per cent higher than June 2022. The number of contactless debit card transactions was 10 per cent higher than June 2022.