UK Finance card spending update March 2023
UK Finance has released its latest Card Spending update for March 2023. Please see the key highlights below.
Card transactions by UK cardholders both in the UK and overseas:
There were 2.1 bn debit card transactions in March, 6.3 % more than in March 2022. The total spend of £70.7 bn was 7.5 % higher than March 2022.
There were 343.8 m credit card transactions in March, 4.9 % more than in March 2022. The total spend of £20 bn was 8.4 % higher than March 2022.
Outstanding balances on credit card accounts have grown by 9.6 % over the twelve months to March and 50.3 % of outstanding balances incurred interest compared to 52.3 % twelve months ago.
Card transactions made in the UK by cardholders from both the UK and from overseas countries:
There were 2.1 bn debit and credit card transactions in the UK in March, 4.3 % more than in March 2022. The total spend of £77.8 bn was 5.8 % higher than March 2022.
Contactless payments accounted for 61 % of all credit card and 75 % of all debit card transactions.
There were 1.5 bn contactless card transactions in March, 7.5 % more than the 1.4 bn in March 2022. The total value of contactless transactions was £22.8 bn in March, a 14.4 % increase on £19.9 bn in March 2022.
The number of contactless credit card transactions was 11.2 % higher than March 2022. The number of contactless debit card transactions was 6.9 % higher than March 2022.
The full data can be seen here.
