20 February 2023

Credit card spending on the rise in the UK

Written By FinTech Alliance in Market Data

Credit card spending on the rise in the UK

According to data from UK Finance, credit card spending and number of transactions continue to rise

IN BRIEF:

- The research covers both monthly value and volume of transactions across debit and credit cards in the UK and of UK-issued cards worldwide, demonstrating an inceases versus the previous year

- Between 2021 and 2022, credit card transactions were up 0.3 per cent to 355.1 and total spend was up 5.3% to £19.6bn

- In the same time period, debit card transactions were up by 8.1% to 2.1bn, while total spending was up 5.3% to £66.6bn

What does this mean?

Whilst the increase in credit card transactions was marginal, total spend has increased by over 5%. More notably, outstanding balances on credit card accounts grew by 9.4% in a year – a reflection of the ongoing cost-of-living crisis. There has also been a significant uptick in contactless payments post-lockdown with the total value of contactless transactions across both debit and credit rising by 29.4% to £22.9bn from £17.7bn.

Read more here

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