There were 347.9 million credit card transactions, totaling £20.4 billion, 8.4 % higher than January 2023. Outstanding balances grew by 9.4 % over the twelve months to January, with 50.5 % incurring interest. Debit card transactions totaled 2.06 billion, spending £64.6 billion, 0.8 % lower than January 2023. Contactless payments accounted for 62 % of all credit card and 74 % of all debit card transactions, with a total value of £21.5 billion in January, a 5.5 % increase on the previous year.
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