UK Finance card spending update November 2023
UK Finance today releases its card spending data for November 2023, covering the monthly value and volume of transactions across debit and credit cards, both in the UK and of UK-issued cards across the world. This data also covers outstanding balances on credit cards, card issuance and contactless payments. The highlights can be found below.
Key data highlights:
Card transactions by UK cardholders both in the UK and overseas:
- There were 2.21 bn debit card transactions in November, 2.6 % more than in November 2022. The total spend of £66.3 bn was 1.3 % lower than November 2022.
- There were 379.3 million credit card transactions in November, 6.4 % more than in November 2022. The total spend of £20.9 bn was 6.2 % higher than November 2022.
- Outstanding balances on credit card accounts have grown by 9.8 % over the twelve months to November and 49.5 % of outstanding balances incurred interest compared to 50.9% in November 2022.
Card transactions made in the UK by cardholders from both the UK and from overseas countries:
- There were 2.12 bn debit and credit card transactions in the UK in November, 2.9 % more than in November 2022. The total spend of £73.3 bn was 0.3 % lower than November 2022.
- Contactless payments accounted for 61 % of all credit card and 75 % of all debit card transactions.
- There were 1.55 bn contactless card transactions in November, 4.8 % more than the 1.48 bn in November 2022. The total value of contactless transactions was £24.4 bn in November, a 6.8 % increase on £22.9 bn in November 2022.
- The number of contactless credit card transactions was 8.8 % higher than November 2022. The number of contactless debit card transactions was 4.2 % higher than November 2022.
