Read more about Covid's impact on business travel. Which will naturally have reduced overall credit card spending for work expenses. Contactless payments will also doubtless have increased, with some countries mandating these.Īnd of course, business travel (and all travel) plummeted. These three statistics indicate that credit card use almost certainly increased during the pandemic, especially when compared with cash. Online shopping made up 28% of sales in the UK in 2020, up from 19% the year before. In the US, 28% of people stopped using cash altogether. The volume of cash being used in the UK dropped by up to 60% in 2020. The Covid-19 pandemic form 2020 onwards made society more hygiene-aware, and seems to have affected people's preferences over cash versus card. Let's turn now to a specific form of credit card relied on heavily around the world. Until 2018, the Starbucks app was the most popular payment app in the US, despite only being available for use in the chain’s coffee shops. (Merchant Savvy)Īpple Pay has more than 383 million users worldwide. Thanks to contactless payments, card-based transactions overtook cash in 2017 as the primary payment method in the UK. This equated to £25 billion in spending, most of which, £22 billion, was via contactless debit. There were around 3 billion contactless transactions made in the UK in 2016. ( Deloitte)Īs we’ll see shortly when we look at fraud, new technology can have a large impact on the way that people pay. German customers are known for being debt-averse, while British and Turkish people (among others) often carry large amounts of revolving debt. Together, Britons have £72.1 billion in credit card debt. Iowa had the lowest average amount of credit card debt in 2020, followed by Wisconsin and Mississippi. (Experian)Īlaskans have the highest average credit card debt among states, followed by Connecticut and New Jersey. However, 2020 was the first year in which average credit card debt in the U.S. credit card debt surpassed $1 trillion in 2017, and was at $868 billion as of August 2019. So how significant is credit card debt around the world? Credit card debt Businesses and individuals take small loans from their card providers in the hopes of paying these back before the interest kicks in. These have £30 spending limits and these small transactions have replaced what would previously have been cash payments.Īs credit card use grows, so too must credit card debt. This is most likely due to the rise of contactless payments. The average value per card payment in the UK is decreasing quickly: There were 368.92 billion card transactions worldwide in 2018. ( UK Finance)Ĭard payments made up 78.4% of all retail sales in the UK by the end of Q1, 2017. Total spending on all debit and credit cards in the UK reached £800 billion in 2018, with 20.4 billion transactions made during the year. There were 51.1 million UK debit card holders in 2016, more than nine in ten adults (96%). In the UK there were 32.3 million people with a credit or charge card in 2016, about six in ten adults. Luxembourg leads Europe for the number of cards carried, but this includes the portion of cards issued to cardholders not living in Luxembourg. In the EU, the number of cards carried per inhabitant ranges from 0.8 to 3.9. ( Shift Processing)Īmericans have an average of four credit cards. There are 1.06 billion credit cards in use in America, and 2.8 billion credit cards in worldwide. We'll begin with just how widespread the use of credit cards actually is. Let’s begin by looking at several very interesting data points around credit card use - both personal and professional.
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