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.” 

    Share Story:

Recent Stories


Will open banking revolutionise the lending industry
Adam Cadle speaks to Jack Tenwick, Head of UK Sales, Yolt Technology Services, about how to get the most out of your lending business and the role of open banking

Mortgage Insider Series 2 Episode 5: Outlook for the UK economy
Listen to our latest episode where we discuss the outlook for the UK economy. We hear from William Hobbs, Chief Investment Officer at Barclays Investment Solutions, who gives his view on what lies ahead for the UK after an unprecedented year of lockdowns, economic turbulence and business uncertainty.

FREE E-NEWS SIGN UP

Subscribe to our newsletter to receive breaking news and other industry announcements by email.

  Please tick here to confirm you are happy to receive third party promotions from carefully selected partners.