Source: UK Finance
The UK Finance Update for October 2022 reports:
Card transactions by UK cardholders both in the UK and overseas:
- There were 2.2 billion debit card transactions in October, 12.4 per cent more than in October 2021. The total spend of £66.6 billion was 9.1 per cent higher than October 2021.
- There were 354.6 million credit card transactions in October, 11.3 per cent more than in October 2021. The total spend of £19.2 billion was 15 per cent higher than October 2021.
- Outstanding balances on credit card accounts have grown by 10.1 per cent over the twelve months to October and 51.2 per cent of outstanding balances incurred interest compared to 53.7 per cent twelve months ago.
Card transactions made in the UK by cardholders from both the UK and from overseas countries:
- There were 2.1 billion debit and credit card transactions in the UK in October, 4.8 per cent more than in October 2021. The total spend of £74.2 billion was 3.8 per cent higher than October 2021.
- Contactless payments accounted for 61 per cent of all credit card and 75 per cent of all debit card transactions.
- There were 1.5 billion contactless card transactions in October, 14.4 per cent more than the 1.3 billion in October 2021. The total value of contactless transactions was £23.2 billion in October, a 42 per cent increase on £16.3 billion in October 2021.
- The number of contactless credit card transactions was 24.8 per cent higher than October 2021. The number of contactless debit card transactions was 13 per cent higher than October 2021.