The UK Cards Association has released its March statistics which reveal that consumers spent £50bn in one month on cards for the first time ever as strong economic conditions persisted and people continued to move slowly but steadily away from cash. The spending was fuelled primarily by debit cards rather than credit cards.
Service spending on cards outpaced retail sales three-fold (10.3% and 3.6% respectively), with strong spending in areas such as entertainment driving double digit growth for services. The use of contactless cards and online spending continues to grow, with contactless payments now accounting for 4.4% of all card purchases and internet shopping accounting for 11.5%.
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