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Bank cards now account for a third of consumer spending in the UK

New figures from Visa shows that spending on its debit and credit cards in the UK reached £318 billion for the year ending 30th September 2011

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19 January 2012

Bank cards now account for a third of consumer spending in the UK”

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A third of transactions made in the UK last year were made using a debit or credit card, according to new research.

Financial services giant Visa has revealed that spending on its cards in the UK for the year ending 30th September 2011 rose 27 per cent to reach £318 billion, meaning £1 in every £3 spent last year was on a Visa card.

Across Europe, spending on Visa cards rose 14 per cent over the same period to reach 1.16 trillion euros (£965 billion).

This year, Visa plans to issue an additional ten million contactless-enabled bank cards across the UK to take the total in circulation to 30 million, and is also looking to expand its mobile and e-commerce payment services.

Peter Ayliffe, chief executive, Visa Europe, said: "We expect this growth in electronic payments to continue during 2012 when we will be launching mobile payments and our digital wallet services.

"These new products will revolutionise consumers' everyday shopping experience to the extent that by 2020 we predict that over half of all Visa transactions will be on a mobile device."

Posted by Sarah Nyman

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16.9% APR representative (variable). Based on a credit limit of 1200 and purchase rate 16.9% p.a(variable).
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