UK customers are expected to spend over £500 million online today, as the countdown to Christmas begins.

Forecasts from Sage Pay have predicted that today, dubbed Cyber Monday, will see consumers complete the most online transactions ever recorded in a single day.

"With just four weeks until Christmas, most of us will just have been paid, so Cyber Monday is the day when consumers rush online to do their Christmas shopping," commented Simon Black, CEO of Sage Pay.