UK Card Expenditure Statistics: May 2016
Growth in spending on contactless cards continued in May, new figures show.
Eighteen per cent of all card purchases are now made with contactless cards, compared to seven per cent in May 2015, the card expenditure statistics from The UK Cards Association demonstrate.
While overall card spending growth continued to slow, with May registering the lowest level since July 2013, contactless cards have bucked this trend, with spending up by 247 per cent year-on-year.
Overall payment card spending grew to £52.6 billion, with seasonal shopping at omni-channel retailers selling a wide range of goods and the entertainment sector driving this growth. There were 1.2 billion purchases, an increase of 13 million in the month. Debit cards led the way, making up 77 per cent of all card transactions.
Online spending accounted for 24 per cent of total card spending in May, up from 22 per cent in May 2015. In total, online spending accounted for £12.6 billion, an increase of £115 million.
Richard Koch, Head of Policy at The UK Cards Association, said:
“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.”