UK Finance’s card spending update for August 2022
Annual data comparisons are impacted by the reduction of spending due to various lockdown restrictions and the economy re-opening, resulting in large percentage variations when compared to 2021.
Card transactions by UK cardholders both in the UK and overseas:
- There were 2.1 bn debit card transactions in August, 8 % more than in August 2021. The total spend of £64.1 bn was 4 % higher than August 2021.
- There were 376.6m credit card transactions in August, 12.5 % more than in August 2021. The total spend of £20.1 bn was 18.5 % higher than August 2021.
- Outstanding balances on credit card accounts have grown by 11 % over the twelve months to August and 51.2 % of outstanding balances incurred interest compared to 53.7 % 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 August, 7.1 % more than in August 2021. The total spend of £72.8 bn was 5.7 % higher than August 2021.
- Contactless payments accounted for 62 % of all credit card and 75 % of all debit card transactions.
- There were 1.5 bn contactless card transactions in August, 18.9 % more than the 1.3 bn in August 2021. The total value of contactless transactions was £22.8 bn in August, a 47.9 % increase on £15.4 bn in August 2021.
- The number of contactless credit card transactions was 32.1 % higher than August 2021. The number of contactless debit card transactions was 17 % higher than August 2021.
