Debit Card Spending Reaches Record High in July

Industry News | 16/10/20

Debit card spending in the UK reached a record high of £59.1 billion in July, data from UK Finance’s latest Card Spending Update has revealed. This is up almost a fifth (17.9 per cent) compared to the previous month and an increase of 9.4 per cent compared to July last year. Credit card spending in July amounted to £15 billion, an increase of 15 per cent compared to the previous month, but 24.8 per cent below levels seen last year.

Online card spending also reached a record high of £21.8 billion in July, suggesting the pandemic has accelerated the ongoing shift towards consumers shopping for goods and services online. The data also indicates that consumers have continued to make use of the higher £45 contactless limit introduced by the banking and finance industry earlier this year. Contactless card spending amounted to £8 billion in July, up 22.5 per cent from the previous month and an 11.1 per cent increase compared to last year.

Source: UK Finance