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Study reveals rise of card payments

A new study has revealed that more money was spent using card payments on Friday (December 13th) than on any other day in the year.

The report forecast that there were as many as 23.2 million transactions made using this payment method on this one day alone.

Cumulatively, these are worth as much as £870 million, with around half of this figure being spent on credit cards (£400 million) and the remaining £470 million being spent on debit cards.

What’s more, the report noted that credit card spending has been climbing steadily throughout the year, with research suggesting that this trend is likely to continue owing to the fact that card spend was 6.2 per cent up on the same day in 2012.

More specifically, the study suggested that an increasing number of these deals are taking place over the internet, furthering the notion that traditional retail is being slowly usurped by the online sphere.

Some 26 per cent of all plastic transactions were predicted to have been carried out online and this was worth as much as £342 million, which is a rise of 50 per cent from £228 million on the same day last year.

Reflecting on the situation, Will Becker, chief executive officer and co-founder of TotallyMoney.com, commented: “Another great day for retailers following the huge success of Black Friday and Cyber Monday.”

Reports suggest that Cyber Monday generated as much as £600 million for online retailers in the UK. And with the use of mobile devices, such as smartphones and tablets, expected to increase in the coming years, this figure could conceivably rise further in the coming years.

This comes shortly after a study noted that Brits intend to spend 12 per cent more on their online Christmas shopping this year than was the case in 2012.

Indeed, Santander suggests that £1 in every £3 spent this festive season will be done over the internet.