UK Finance June 2022 card transaction data published

Annual data comparisons are impacted by the reduction of spending due to various lockdown restrictions and the economy re-opening, resulting in large percentage variations when compared to 2021.

Data regarding card transactions by UK cardholders both in the UK and overseas revealed that there were 1.8 billion debit card transactions in June, 1.9 per cent fewer than in June 2021. The total spend of £56 billion was 8.5 per cent lower than June 2021.

Additionally, the data revealed that there were 343 million credit card transactions in June, 10.7% more than in June 2021. The total spend of £19 billion was 18.7% higher than June 2021.

Outstanding balances on credit card accounts have grown by 10.9% over the twelve months to June and 51% of outstanding balances incurred interest compared to 53.3% twelve months ago.

The data also delved into card transactions made in the UK by cardholders from both the UK and from overseas countries, revealing that there were 2 billion debit and credit card transactions in the UK in June, 9.1 per cent more than in June 2021. The total spend of £71.3 billion was 5.7 per cent higher than June 2021.

The data showed that contactless payments accounted for 60% of all credit card and 74% of all debit card transactions.

There were also 1.4 billion contactless card transactions in June, 23.2% more than the 1.2 billion in June 2021. The total value of contactless transactions was £21.7 billion in June, a 52.6% increase on £14.2 billion in June 2021.

The number of contactless credit card transactions was 37% higher than June 2021, while contactless debit card transactions rose by 21.2%.

Overall, domestic debit card transactions have fallen in the last year, while use of contactless payments via credit and debit cards have risen. Contactless payments account for over half of credit card transactions and the majority of debit card usage.