Card spending

Card Spending covers the monthly value and volume of transactions across debit and credit cards, both in the UK, and of UK-issued cards across the world. This data also covers outstanding balances on credit cards, card issuance and contactless payments.

Key data highlights (updated 16 September 2020):

Card transactions by UK cardholders both in the UK and overseas:

  • There were 1.3 billion transactions on debit cards in June 2020, 18.1 per cent fewer than in June 2019 and 2.8 per cent fewer than in May 2020 reflecting a total spend of £48.1 billion. This was 7.3 per cent lower than in the same period in 2019 and 0.4 per cent higher than in the previous month.
  • There were 227 million transactions on credit cards in June, 19.7 per cent fewer than in June 2019 but 22 per cent more than in May 2020 reflecting a total spend of £12.2 billion. This was 25 per cent less than in the same period a year earlier but 25.9 per cent higher than the previous month.
  • The annual growth rate of outstanding balances on credit cards contracted by 13.4 per cent in June 2020 as consumer repayments outstrip new lending.

Card transactions made in the UK by cardholders from both the UK and from overseas countries:

  • . There were 933 million debit and credit card transactions in June 2020, 43.1 per cent fewer than a year ago and 2.7 per cent fewer than May 2020. This reflected a total spend of £43.5 billion, 27.8 per cent less than in the same period in 2019 and 1.1 per cent less than the previous month.
  • . 33 per cent of credit card transactions and 56 per cent of debit card transactions in the UK were made using contactless cards.
  • . In total there were 519 million contactless card transactions in June 2020, a 24.7 per cent reduction from 689 million in the same month a year earlier but a 17.8 per cent increase from May 2020. The volume of contactless credit card transactions was 43 per cent lower than in the same period a year earlier, but 23 percent higher than the previous month, and contactless debit card transactions was 21.5 per cent lower than the same period a year earlier but 17.2 per cent higher than the previous month.
  • . The total value of all contactless transactions was £6.5 billion in June 2020, a 2.4 per cent increase from £6.4 billion in the same month in 2019 and a 15.5 per cent increase from the previous month.

Eric Leenders, Managing Director of Personal Finance, UK Finance, said:

While card activity is still significantly below pre-lockdown levels, there has been steady growth in the value of purchases using payment cards in recent months. Despite non-essential shops re-opening in England in mid-June, there was actually a drop in the number of card transactions in the UK compared to the previous month.

“Lower spending and maintained repayment levels suggest that customers may have used the opportunity to pay down their credit card bills and reduce any debts – as the annual growth in outstanding balances contracted by 13.4 per cent in the year to June 2020.

“As shops encouraged customers to pay by contactless card coupled with the contactless limit increase to £45, contactless transactions totalled £6.5 billion in June, a 15.5 per cent increase on May and above the level seen a year ago.

LATEST DATA:

Card Spending Update - June 2020

Card Spending Update (PDF)

Total Market Data - Credit Card Statistics

UK Finance members only