UK finance publishes card spending update for August 2020
Industry News | 17/11/20
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.
Card transactions by UK cardholders both in the UK and overseas:
• There were 1.6 billion debit card transactions in August, 3.9 per cent more than in July and 2.5 per cent more than in August last year. The total spend of £58.4 billion was 1.2 per cent less than in July but 12.5 per cent higher than last August.
• There were 273 million credit card transactions in August, 4.7 per cent more than in July but 10 per cent fewer than in August last year. The total spend of £13.8 billion was 1.2 per cent less than in July and 18.4 per cent less than last August.
• Outstanding balances on credit card accounts have contracted by 12.6 per cent over the twelve months to August, as a result of repayments outstripping new borrowing in the year.
Source: UK Finance
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