ALMOST four in every five pounds of spending at British retailers is now made through debit and credit cards, according to new data. The UK Cards Association published its findings as it marked the 10-year anniversary of the move to chip and pin cards.
Richard Koch, head of policy at The UK Cards Association, said: “Chip and pin was deliberately designed so it could deliver significant technical innovation and these successes have included contactless and mobile payments, which use the same robust security features.
“Chip and pin was world-leading in 2006 and is the envy of many industries. It has proven both a huge success and a great foundation for the future.”
The most recent card expenditure statistics available, for November 2015, show the percentage share of retail sales accounted for by payment cards at a record 78.6%.
The highest increases in retail spending came from the food and drink sector, where spending amounted to £9.4bn.
