19th September 2023

Card Spending Update June 2023-UK Finance

UK Finance has released its card spending data for June 2023, covering the monthly value and volume of transactions across debit and credit cards, both in the UK and of UK-issued cards across the world. This data also covers outstanding balances on credit cards, card issuance and contactless payments. The highlights can be found below:
Card transactions by UK cardholders both in the UK and overseas:

-There were 2.18 billion debit card transactions in June, 8.2% more than in June 2022. The total spend of £65.3bn was 5% cent higher than June 2022.
-There were 368.5 million credit card transactions in June, 7% more than in June 2022. The total spend of £20.7bn was 8.3% higher than June 2022.
-Outstanding balances on credit card accounts have grown by 8.7% over the twelve months to June and 49.8% of outstanding balances incurred interest compared to 51% twelve months ago.

Card transactions made in the UK by cardholders from both the UK and from overseas countries:
-There were 2.14bn debit and credit card transactions in the UK in June, 7.2% more than in June 2022. The total spend of £74.5bn was 4.6% higher than June 2022.
-Contactless payments accounted for 63% of all credit card and 76% of all debit card transactions.
-There were 1.6bn contactless card transactions in June, 10.5% more than the 1.4 billion in June 2022. The total value of contactless transactions was £24.4bn in June, a 12.8% increase on £21.7bn in June 2022.
-The number of contactless credit card transactions was 13.8% higher than June 2022. The number of contactless debit card transactions was 10% higher than June 2022.

UK Finance Trends(471 articles)