UK Hits 150 Million Contactless Cards Issued
UK Finance has released its latest data for March 2024, revealing significant milestones and trends in card spending across the country.
Contactless Cards Reach Record High
March 2024 marked a milestone as the number of contactless cards in circulation in the UK surpassed 150 million for the first time. This represents a staggering 93% of all cards currently issued in the country.
Surge in Contactless Transactions
The data also highlights a robust increase in contactless transactions compared to the previous year. In March 2024 alone, there were 1.59 billion contactless card transactions, marking a 5.9% rise from March 2023.
Debit Card Transactions:
Contactless debit card transactions reached 1.364 billion, reflecting a 5.3% increase year-over-year.
Credit Card Transactions:
Contactless credit card transactions totaled 225 million, showing a notable 9.3% increase compared to March 2023.
Dominance in Payment Preferences
Contactless payments continued to dominate the payment landscape in March 2024.
Debit Cards:
76% of all debit card transactions were contactless.
Credit Cards:
63% of all credit card transactions were contactless.
Total Value of Contactless Transactions
The total value of contactless transactions surged to £25.1 billion in March 2024, marking a robust 10.2% increase compared to the same period last year.
Overall Card Spending Insights
Total card spending, encompassing contactless, online, and chip and pin transactions, amounted to £75.8 billion in March 2024. This figure underscores the pivotal role of cards in facilitating transactions across various channels.
