Figures from the UK Cards Association reveal that the number of card transactions made on the internet has increased by 20 per cent in the past year with consumers spending £11.5 billion online in August. There were 130 million card payments online in August – up from 108 million in the same period last year.
Just as contactless technology is driving the use of cards instead of cash for smaller purchases, consumers are also using cards for smaller purchases online too. Overall, more than a fifth of all card spending is now online. Almost half of all card spending on financial services is online – the highest proportion for any sector.
In total, all card spending increased by 0.5 per cent during August to reach £51.1 billion. There were 1.1 billion card transactions in the month.