22 July 2017
visit www.avoka.com

UK card payments continued upward trend in 2016

02 March 2017  |  3277 views  |  0 Source: UK Cards Association

Consumers spent £647 billion using payment cards in 2016, new figures show.

There were 14.8 billion card transactions in 2016, equivalent to 40.5 million transactions a day or 469 a second, data from The UK Cards Association shows.

Three-quarters of retail spending (76.4 per cent) was on payment cards. Retail spending on cards in 2016 was £298 billion, compared to £290 billion in 2015.

The majority of card spending in 2016 was made via debit cards, which accounted for £461 billion of spending. Total card spending in 2015 was £620 billion.

Contactless payments accounted for £25 billion of spending, compared to £7.75 billion in 2015, with 2.9 billion contactless transactions made in 2016. In January 2016, one in seven card payments were made using contactless, compared to one in four in November.

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.”

The sub-sector with the highest spending was on food and drink, at £114 billion during 2016, an average of £9.5 billion per month.

Comments: (0)

Comment on this story (membership required)

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.ncr.comvisit www.abe-eba.eu

Top topics

Most viewed Most shared
German fintech factory FinLeap raises EUR39 millionGerman fintech factory FinLeap raises EUR3...
13468 views comments | 19 tweets | 15 linkedin
Mastercard to buy AI outfit BrighterionMastercard to buy AI outfit Brighterion
9689 views comments | 14 tweets | 20 linkedin
Barclays rides payments-as-a-service wave with investment in Form3Barclays rides payments-as-a-service wave...
8685 views comments | 16 tweets | 12 linkedin
hands typing furiouslyThe Digital Trade Chain: the blockchain tr...
8268 views 0 | 8 tweets | 16 linkedin
Mastercard and Scotiabank join Enterprise Ethereum AllianceMastercard and Scotiabank join Enterprise...
7180 views comments | 25 tweets | 15 linkedin

Featured job

Competitive
New York, NY - USA (some flexibility on location)

Find your next job