Home Business News Debit card spending hit more than £59bn in a record July

Debit card spending hit more than £59bn in a record July

by LLB Finance Reporter
16th Oct 20 11:56 am

July hit a record high of £59.1bn on debit cards in July, and surged by almost 17.9% month-on-month and was also up by 9.4% compared to July 2019, UK Finance said.

People are now using their debit cards more for small purchases and are using credit cards less, which are normally used for “big ticket” purchases.

Online spending has reached a record high of £21.8bn in July, which shows a shift to online shopping amid the pandemic, which has accelerated consumers behaviour.

Eric Leenders, managing director of personal finance, UK Finance said, “This data suggests the pandemic has accelerated the shift towards internet shopping, with card spending online reaching a record high in July.

“We are also seeing a marked increase in debit card spending, driven by the growing use of contactless as shoppers take advantage of the new £45 payment limit to make higher value transactions.”

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