The UK Cards Association has published new data showing that the number of card payments in the UK has more than doubled over the past decade, helping UK consumers spend over £19,000 every second as people increasingly shop online and embrace new technologies instead of using cash.
The figures also show that:
- Over 35 million card payments were made every day in 2014 – up 12.1%.
- Food and drink is the top sector for the UK’s card spending totalling £19 in every £100 spent.
- A 331% rise in contactless payments is behind the increasing shift from cash to cards for low value payments.
- 75% of all retail spending was made by card payments.