Proportion of debit card transactions paid with contactless reaches record high

The proportion of contactless payments continued to increase in September to reach its highest recorded level, accounting for 64% of all debit card transactions, compared to 62% in August.

Card spending data published by UK Finance showed that over four in ten (46%) of all credit card transactions were contactless, a small increase on the previous month. 

Eric Leenders, managing director of personal finance, UK Finance, said: “The value of overall contactless spending was also up by over 18% compared to the same period last year, as consumers made further use of the increased £45 contactless spending limit. 

“Debit card spending remained a preference as consumers continued to opt for more immediate settlement of payments as a means of managing their finances amid this year’s economic uncertainty. The total spend of £58.5m was much the same as in August, but 12.8% higher than in September last year. Given the popularity of debit card spending, the annual growth of outstanding credit card balances continued to contract, dropping 14% over the year to September as repayments continued to outstrip new borrowing.” 

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