Card payments soar to record 1.4 billion amid surge in contactless transactions

Nearly 1.4 billion card payments were made in June, marking a monthly record high, according to a trade body.

UK Finance said the number of payments had grown by 12% over the previous 12 months - the highest annual rate of growth since June 2008.

Contactless payments accounted for 34% of all card transactions across the UK, while online payments accounted for 13%.

Total card spending reached £57.1 billion in June, up by 0.3% on May and 7% on June 2016.

The average transaction value on all card payments fell by 16p to £41.36 in June, the lowest level since June 2000.

Richard Koch, head of cards at UK Finance, said: "Contactless payments accounted for a third of transactions in June with consumers continuing to use their cards for lower value purchases."

UK Finance is a new body launched in July, bringing together activities previously carried out by several bodies including the UK Cards Association.

Read Full Story