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UK Finance today publishes an overview of card spending in 2024, providing insights into the value and volume of transactions made across debit and credit cards.
UK issued debit and credit cards were used to make 31.4 billion transactions in 2024 (both here and abroad) – up from 30.2 billion transactions in 2023.
At the end of 2024 there were 163.4 million UK debit and credit cards in issue – up from 159.7 million at the end of 2023.
The total value of transactions on these cards was just over £1 trillion during 2024 – in line with 2023 – and split between:
Debit card spend of £797 billion – down 0.8 per cent compared to 2023
Credit card transactions worth £249 billion – up 5.3 per cent compared to 2023 (credit card transactions include card purchases, cash withdrawals and balance transfers)
Since 2019, the value of debit and credit card transactions made by UK cardholders has increased by 26 per cent; however the number of transactions made on these cards has risen by 42 per cent. This shows a move towards a larger number of payments for a lower average value, driven by factors including:
People moving away from cash towards debit cards
The continued trend towards small businesses accepting card payments, and for cards being accepted for low value transactions
The growth of contactless payments, with it being easier to make lower value transactions using cards as well as smartphones and watches
There were 18.9 billion contactless transactions made in 2024 – a 3.4 per cent increase compared to 2023. The average value of a contactless transaction in 2024 was £15.86 - a 1.7 per cent increase compared to 2023. These figures include both UK issued cards and overseas cards being used within the UK.
Janine Randolph, Head of Data Management at UK Finance, said:
Debit and credit cards continue to be the preferred method of spending for UK consumers. During 2024 we saw just over £1 trillion worth of transactions by UK cardholders. We are using our cards more frequently, particularly making use of contactless transactions, which is being driven by increased card acceptance and also mobile contactless payment.
Data on UK cardholders is separate to data on card activity in the UK. Data on UK cardholders refers to transactions on cards issued to UK residents, both overseas and inside the UK. Data on card activity in the UK refers to transactions in the UK only, but on both UK-issued cards and cards issued overseas this data is provided by acquirers.
We estimate data covers over 97 per cent of the total credit card market.
Monthly breakdowns of debits and credit card transactions are shown in the table below:
total value of UK debit card holder transactions
(£ millions)
total value of UK credit card holder transactions
total number of UK debit card holder transactions
(millions)
total number of UK credit card holder transactions
January
64,618
20,366
2,056
348
February
60,874
18,817
2,058
330
March
66,530
19,932
2,200
346
April
69,128
21,012
2,218
375
May
67,799
21,375
2,308
383
June
63,969
19,927
2,216
357
July
68,817
22,321
2,344
405
August
65,951
20,685
2,285
September
65,070
21,178
2,239
October
67,364
21,061
2,304
386
November
66,233
20,839
2,267
381
December
70,812
21,931
2,416
418
02.04.25
10.12.25
12.12.25
04.12.25
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