Debit and credit card spending – October data published
Industry News | 19/01/21
UK Finance shows that spending across debit and credit cards fell in October 2020 compared to the previous month, as additional social distancing measures were introduced across the UK.
The number of contactless transactions decreased as customers’ spending behaviour changed due to the restrictions, but the value of contactless transactions rose by 15.8 per cent compared to the previous year, as consumers had the opportunity to take advantage of the increased £45 payment limit.
Moreover, the volume and value of card transactions fell in October compared to the previous month. Balances outstanding on credit cards contracted by 14.7 per cent over the year to October, constituting the largest annual contraction since the pandemic began.