UK Card Transactions Top One Billion in August

The number of card transactions in the UK has reached a major milestone in August, having topped one billion for the first time, according to figures from the UK Cards Association, which represents financial institutions that act as card issuers and acquirers in the country.

British customers made a total of 1.006 billion transactions with their debit and credit cards in August, an increase of 9.2 percent from the same month last year.

This means that over 375 card transactions are made per second in the country.

“A billion card transactions in a month is a major milestone and a clear indicator of the transformation in how we all spend,” said Richard Koch, head of policy at the UK Cards Association.

“Rather than walking around with wads of notes or pockets full of coins, we’re increasingly choosing to use a card instead.”

The increase reflects the growing popularity of cards over cash for purchases among British consumers.

According to the trade body, the use of debit cards is the more preferred method for making purchases, with the growth in both the value and number of transactions growing at a faster pace than for credit cards.

The number of purchases made with debit cards went up 9.5 percent to 774 million. This compares to 232 million purchases made using credit cards, which represents an 8.4 percent increase.