The monthly amount of credit and debit transactions made in the United Kingdom (UK) fluctuated significantly between 2019 and 2020. Following the global COVID-19 pandemic, UK consumers appear to have made significant efforts to engage in fewer transactions and spend less money. A low point was experienced in **********, when less than *********** transactions took place. However, since late 2021, this trend has reversed, showing an overall increase despite some fluctuations, and as of *************, there were almost *** billion credit and debit transactions made in the UK.

Daily, weekly and monthly data showing seasonally adjusted and non-seasonally adjusted UK spending using debit and credit cards. These are official statistics in development. Source: CHAPS, Bank of England.

Debit and prepaid cards were the most popular method of POS transactions in the United Kingdom in 2024, accounting for ** percent of transactions. This was far higher than transactions with banknotes or coins, accounting for ** percent of brick-and-mortar payments in 2024. The UK's share of cash was one of the lowest worldwide, according to both a global survey on cash use across 41 countries and domestic research involving payment diaries across multiple countries. Cash on a decline in the UK Calculations using cash withdrawals and payment transactions indicate that the share of cash in the UK declined the fastest during the coronavirus pandemic. Numbers are estimates as no data exists on non-digital transactions in retail payments. Payment diaries are the only way central banks can map out consumers' use of cash in shops. The numbers provided may still not be accurate, as not all payment data required to make such estimates is readily available. Do digital payments in the UK grow faster than in other countries? The United Kingdom's preference for digital payments over cash is more pronounced than for most of Europe. Europe, however, is not the main region in the world when it comes to digital payments. The number of digital payments in Asia-Pacific will triple between 2022 and 2026, a substantially higher growth rate than in North America and Europe combined. Latin America will see the highest increase in digital payment transaction value between 2021 and 2026, with North America seeing the least.

Weekly and monthly UK credit and debit card payments for a sample of relevant merchants from the Bank of England. These are official statistics in development. Source: Bank of England and ONS calculations.

The value of credit card purchases made in the UK grew to a record in July 2024, at ***** billion British pounds. It contrasted the low point in April 2020, when monthly credit card spending fell to approximately *** billion British pounds. As of February 2025 the credit card purchases made it to ***** billion British pounds.

The number of times a person in the United Kingdom used a credit card for payments declined by roughly ** percent in 2020 but nearly recovered by 2021. Unlike the same figure for debit cards, the recorded credit payments in 2020 were lower than in the years leading up to COVID-19. This coincides with a trend in the UK of paying off credit card debt during lockdown.

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Credit Card Payments Market Size 2025-2029

The credit card payments market size is forecast to increase by USD 181.9 billion, at a CAGR of 8.7% between 2024 and 2029.

The market is experiencing significant growth, driven by the increasing prevalence of online transactions. The digital shift in consumer behavior, fueled by the convenience and accessibility of e-commerce platforms, is leading to a surge in credit card payments. Another key trend shaping the market is the adoption of mobile biometrics for payment processing. This advanced technology offers enhanced security and ease of use, making it an attractive option for both consumers and merchants. However, the market also faces challenges. In developing economies, a lack of awareness and infrastructure for online payments presents a significant obstacle. Bridging the digital divide and educating consumers about the benefits and security of online transactions will be crucial for market expansion in these regions. Effective strategies, such as partnerships with local financial institutions and targeted marketing campaigns, can help overcome this challenge and unlock new opportunities for growth.

What will be the Size of the Credit Card Payments Market during the forecast period?

Explore in-depth regional segment analysis with market size data - historical 2019-2023 and forecasts 2025-2029 - in the full report.
Request Free SampleThe market continues to evolve, driven by advancements in technology and shifting consumer preferences. Payment optimization through EMV chip technology and payment authorization systems enhances security and streamlines transactions. Cross-border payments and chargeback prevention are crucial for businesses expanding globally. Ecommerce payment solutions, BNPL solutions, and mobile payments cater to the digital age, offering flexibility and convenience. Payment experience is paramount, with user interface design and alternative payment methods enhancing customer satisfaction. Merchant account services and payment gateway integration enable seamless transaction processing. Payment analytics and loyalty programs help businesses understand customer behavior and boost retention. Interchange fees, chargeback management, and dispute resolution are essential components of credit card processing. Data encryption and fraud detection ensure payment security. Multi-currency support and digital wallets cater to diverse customer needs. Customer support and subscription management are vital for maintaining positive relationships and managing recurring billing. Processing rates, settlement cycles, and PCI compliance are key considerations for businesses seeking efficient and cost-effective payment solutions. The ongoing integration of these elements shapes the dynamic and evolving credit card payments landscape.

How is this Credit Card Payments Industry segmented?

The credit card payments industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments. End-userConsumer or individualCommercialProduct TypeGeneral purpose credit cardsSpecialty credit cardsOthersApplicationFood and groceriesHealth and pharmacyRestaurants and barsConsumer electronicsOthersGeographyNorth AmericaUSCanadaEuropeGermanyUKAPACChinaIndiaJapanSouth KoreaSouth AmericaArgentinaBrazilRest of World (ROW).

By End-user Insights

The consumer or individual segment is estimated to witness significant growth during the forecast period.The market is a dynamic and evolving landscape that caters to businesses and consumers alike. Recurring billing enables merchants to automatically charge customers for goods or services on a regular basis, streamlining the payment process for both parties. EMV chip technology enhances payment security, reducing the risk of fraud. Payment optimization techniques help businesses minimize transaction costs and improve authorization rates. Cross-border payments facilitate international business, while chargeback prevention measures protect merchants from revenue loss due to disputed transactions. Ecommerce payment solutions provide convenience for consumers and merchants, with payment gateway integration ensuring seamless transactions. Rewards programs and buy now, pay later (BNPL) solutions incentivize consumer spending. Mobile payments and digital wallets offer flexibility and convenience. Merchants can accept various payment methods, including cryptocurrencies, and benefit from payment analytics and conversion rate optimization. Payment volume continues to grow, necessitating robust fraud detection systems and multi-currency support. Customer support is crucial for resolving disputes and addressing payment issues. Alternative payment methods cater to diverse consumer preferences. The payment experience is key

The number of contactless payment transactions made in the United Kingdom increased between January 2016 and April 2025 with significant fluctuation after February 2020. As of April 2025, there were a total of over *** billion contactless transactions made, the vast majority of which were made with debit cards. Contactless transactions using debit cards amounted to almost **** billion, while those made using credit cards amounted to approximately *** million.

The number of transactions made using contactless cards in the United Kingdom increased significantly between 2021, but growth slowed down somewhat since. As of April 2025, the total number of transactions made using contactless cards in that month amounted to over *** billion. The value of transactions made using contactless cards also increased in this period.

Forecast: Number of Card Payments in the UK 2022 - 2026 Discover more data with ReportLinker!

Forecast: Value of Card Payments in the UK 2024 - 2028 Discover more data with ReportLinker!

Weekly and monthly data showing indices of Revolut debit card transaction data, UK. These are official statistics in development. Source: Revolut

The monthly volume of credit card transactions made online in the United Kingdom (UK) fluctuated significantly between February 2018 and April 2025. Total credit card transactions amounted to ** million, an increase from the previous month.

Market Size and Growth: The UK digital payment industry has experienced steady growth, reaching a market size of £490.77 million in 2025. It is projected to continue expanding at a CAGR of 11.60% over the next ten years, driven by the increasing adoption of cashless transactions, e-commerce, and mobile payments. Key drivers of this growth include government initiatives promoting digital payments, increasing consumer preference for contactless and secure transactions, and the expansion of online retail. Industry Trends, Restraints, and Key Players: Several trends are shaping the UK digital payment industry, including the rise of mobile wallets, the integration of artificial intelligence (AI) and machine learning (ML) for fraud detection, and the growing importance of data security. However, concerns over privacy and data breaches remain restraints for the industry. Major players in the UK digital payment market include Visa Inc., Klarna Inc., Worldpay Inc., and PayPal Payments Private Limited. These companies are investing heavily in innovation and partnerships to meet the evolving needs of consumers and businesses alike. The industry is expected to see continued consolidation as larger players acquire smaller fintech startups with niche offerings. Recent developments include: November 2023 - Square launched Tap to Pay on iPhone across the United Kingdom, making it the third market globally where the company will offer the technology to its sellers. Available within the Square for Retail, Square Point of Sale, and Square Appointments iOS apps, Tap to Pay on iPhone enables sellers of all sizes to accept contactless payments directly from their iPhone, without additional hardware required and at no extra cost., February 2023: International payment provider ECOMMPAY launched a new BNPL payment solution for UK travel companies amid calls for tighter rules in the BNPL sector. Built with the company's proprietary technology, the new payment solution promises 24/7 customer support with a robust risk scoring system tailored to an individual's travel circumstances, offering higher credit limits for specific travel needs and credit return limits to protect booking agencies and travel agents.. Key drivers for this market are: High Proliferation of E-commerce, including the rise of m-commerce and cross-border e-commerce supported by the increase in purchasing power, Enablement Programs by Key Retailers and Government encouraging digitization of the market; Growth of Real-time Payments, especially Buy Now Pay Later in the country. Potential restraints include: , Stringent Regulations in the Payments Industry. Notable trends are: Card Payments to Witness Significant Growth.

The monthly value of credit and debit transactions made in the United Kingdom (UK) fluctuated significantly between January 2014 to April 2025. Just after the global Covid-19 pandemic, UK consumers appear to have made significant efforts to spend less money. However, since early 2021, this trend has reversed, showing an increase of about ***British pounds on average, despite some fluctuations. The same pattern was observed in the total number of credit and debit transactions made in the UK during the same period.

Under the Code of Recommended Practice for Local Authorities on Data Transparency, councils are encouraged to publish all corporate purchase card transactions. We already publish details of all our relevant expenditure of more than PS500 within our Payments to Suppliers page, and will continue to do so. However, in the spirit of the Code, the Council started publishing all purchase card transactions, regardless of value, from the April 2014 card statement. The information will be published monthly. As with our payments to suppliers, we aim to be as transparent as we can, but in some cases we will need to respect information that could be seen as commercially sensitive or where the payment relates to vulnerable young people or adults. In these cases information is withheld as it is personal data. For further information about personal data, please see birmingham.gov.uk/foi. If you require further information about any of the payments, please contact foi.mailbox@birmingham.gov.uk setting out the details of the payment and what additional information you require. Such request will be handled under the Freedom of Information Act 2000, and the Council aims to be able to provide a response to your query within 20 working days. PLEASE NOTE - FROM JANUARY 2018 EACH MONTHLY PURCHASE CARD PAYMENTS REPORT WILL BE PUBLISHED AS A STANDALONE DOCUMENT. THE LINK BELOW WILL TAKE YOU DIRECT TO THE LIST OF PUBLISHED STATISTICS FROM WHICH YOU WILL BE ABLE TO EXTRACT THE INFORMATION YOU REQUIRE: https://data.birmingham.gov.uk/organization/birmingham-city-council Additional metadata: - Licence: UK Open Government Licence (OGL) [http://reference.data.gov.uk/id/open-government-licence] - Additional Resources: purchasecardsnov2014.xls [https://cc-p-birmingham.ckan.io/dataset/cf552d08-cee9-43bf-8c0f-3196a9311799/resource/d1e4ec86-3ce3-4769-851d-63eda74253bf/download/purchasecardsnov2014.xls], publishspendjanuary2016.xls [https://cc-p-birmingham.ckan.io/dataset/cf552d08-cee9-43bf-8c0f-3196a9311799/resource/d43bc2cd-37f0-410d-9e35-35ff25ef52d2/download/publishspendjanuary2016.xls]

The number of credit card transactions in the Republic of Ireland grew to nearly 44 per capita, which equaled several millions of transactions. Up to 2022, the trend of declining credit card payments was similar to what was seen elsewhere in Europe. In the United Kingdom, for example, UK consumers started to pay off credit card debt during lockdown. Note that card figures are not as easily measured in all countries. See the "Details" tab for more information.

Forecast: Value per Inhabitant of Card Payments in the UK 2022 - 2026 Discover more data with ReportLinker!