Debit cards lead way as contactless growth continues

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18% of all UK card purchases were contactless during May, compared to 7% in the same period last year, according to the UK Cards Association. Overall card spending growth continued to slow, with May registering the lowest level since July 2013. It stood at £52.6 billion, the main drivers being seasonal shopping at omnichannel retailers selling a wide range of goods and the entertainment sector. There were 1.2 billion purchases, an increase of 13 million in the month. Debit cards led the way, making up 77% of all card transactions.

Online accounted for 24% of total card spending in May, up from 22% in May 2015. Richard Koch, Head of Policy at The UK Cards Association, says: “Cards are the preferred way to pay for millions of consumers, whether picking up something small and using a contactless card or shopping online. With payment cards being used more than ever, we expect these trends to continue.”

By Scott Thompson

IBS Journal
IBS Journal

For 25 years IBS Journal has been an iconic publication that provides a global perspective on banking technology. The monthly publication and the accompanying supplements cover a wide range of subjects pertinent to the financial technology industry worldwide. Each issue includes …
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