”A billion card transactions in a month is a major milestone and a clear indicator of the transformation in how we all spend. Rather than walking around with wads of notes or pockets full of coins, we’re increasingly choosing to use a card instead. With the rise in contactless transactions as a convenient way to make smaller payments, and online shopping too, it’s debit cards in particular that are leading the rise.”

As the growth in the volume of transaction continues to outstrip the rise in value, the average card transaction amount fell by 15p between July and August, down to £47.14.