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.

The value of credit card purchases made in the UK grew to a record in July 2024, at 22.32 billion British pounds. It contrasted the low point in April 2020, when monthly credit card spending fell to approximately 7.8 billion British pounds. As of February 2025 the credit card purchases made it to 19.06 billion British pounds.

The number of active credit card accounts in the United Kingdom (UK) generally increased between 2012 and 2021 with significant variation between certain months. There was a sharp increase in active credit card accounts between February 2019 and February 2020 and an equivalent decline thereafter. As of February 2025, there were 37.23 million accounts in the UK. Active credit card accounts are those with balances outstanding at the end of the calendar month, and make up more than half of the total credit card accounts in the UK for the same period. Transactions and purchases The global coronavirus pandemic has had a negative effect on credit card transactions in the UK. Between December 2019 and June 2020, the number of monthly credit card transactions almost halved, while the value of purchases also saw a decrease into 2020. However, since late 2021, these trends have reversed, showing an overall increase despite some fluctuations. Average purchase amounts Along with the number of transactions and the fall in the value of purchases made, the average amount spent per purchase using a credit card also fell in 2020. Since then, the average value of the purchases made by individuals increased compared to pre-pandemic levels.

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.

Number of Businesses statistics on the Credit Card Issuance industry in the UK

Total credit card debt in the UK grew by **** billion British pounds between October and November 2023, now reaching a similar level of debt as seen in early 2017. The annual growth rate of credit card debt stayed about the same in March 2025, reaching *** percent when compared to March 2024. The growth rate in 2023 has been relatively consistently since May, which may potentially be attributed to growing interest rates and the cost of living crisis.

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 April 2020, when less than one billion transactions took place. However, since late 2021, this trend has reversed, showing an overall increase despite some fluctuations, and as of February 2025, there were almost 1.9 billion credit and debit transactions made in the UK.

Approximately ** percent of payment cards issued in the United Kingdom (UK) were credit cards, reaching a total of over ** million in 2021. Debit cards were found more often in the country, as that year there were around *** million of these cards. The numbers provided are estimates, based on the figures central banks have to supply. Owning a payment card does not immediately indicate it gets used often, as there are large differences within Europe when it comes to the use of certain payment methods.

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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

Employment statistics on the Credit Card Issuance industry in the UK

The United Kingdom: Percent of people aged 15+ who have a credit card: The latest value from 2021 is 62.11 percent, a decline from 65.37 percent in 2017. In comparison, the world average is 22.26 percent, based on data from 121 countries. Historically, the average for the United Kingdom from 2011 to 2021 is 60.18 percent. The minimum value, 51.56 percent, was reached in 2011 while the maximum of 65.37 percent was recorded in 2017.

United Kingdom Credit Cond: UL: L3: HH: Default Rate: Credit Card Loan data was reported at -11.200 % Point in Sep 2018. This records a decrease from the previous number of 21.100 % Point for Jun 2018. United Kingdom Credit Cond: UL: L3: HH: Default Rate: Credit Card Loan data is updated quarterly, averaging -10.300 % Point from Jun 2007 (Median) to Sep 2018, with 46 observations. The data reached an all-time high of 61.000 % Point in Mar 2009 and a record low of -43.800 % Point in Mar 2012. United Kingdom Credit Cond: UL: L3: HH: Default Rate: Credit Card Loan data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.KB018: Credit Conditions Survey: Unsecured Lending: Last 3 Months.

United Kingdom Credit Cond: CL: N3: Small Business:DU: Credit Card data was reported at 6.800 % Point in Sep 2018. This records a decrease from the previous number of 13.600 % Point for Jun 2018. United Kingdom Credit Cond: CL: N3: Small Business:DU: Credit Card data is updated quarterly, averaging 9.750 % Point from Jun 2007 (Median) to Sep 2018, with 46 observations. The data reached an all-time high of 50.000 % Point in Mar 2011 and a record low of -12.900 % Point in Jun 2016. United Kingdom Credit Cond: CL: N3: Small Business:DU: Credit Card data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.KB021: Credit Conditions Survey: Corporate Lending: Next 3 Months.

Consumer Credit in the United Kingdom decreased to 859 GBP Million in May from 1944 GBP Million in April of 2025. This dataset provides the latest reported value for - United Kingdom Consumer Credit - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Japan Info Needs Upon Arriving: UK: Credit Card Store data was reported at 14.000 Person in Mar 2018. Japan Info Needs Upon Arriving: UK: Credit Card Store data is updated quarterly, averaging 14.000 Person from Mar 2018 (Median) to Mar 2018, with 1 observations. Japan Info Needs Upon Arriving: UK: Credit Card Store data remains active status in CEIC and is reported by Ministry of Land, Infrastructure, Transport and Tourism. The data is categorized under Global Database’s Japan – Table JP.Q034: Tourism and Leisure: Information Needs Upon Arriving.

The interest rate for credit cards in the UK grew to an all-time high in May 2025, even though the base rate for the Bank of England grew at a slower pace that month. Credit card interest rates tend to be significantly higher than other forms of lending, and the United Kingdom is no exception to this. By May 2025, the average interest rate had increased to ***** percent. The Bank of England base rate stood at **** percent since April 2025 – which was not yet the highest value observed. Nevertheless, the central bank's interest rate grew slower than that of credit cards.

United Kingdom Credit Cond: UL: N3: HH: PA: Approved Credit Card data was reported at -13.900 % Point in Sep 2018. This records a decrease from the previous number of 21.500 % Point for Jun 2018. United Kingdom Credit Cond: UL: N3: HH: PA: Approved Credit Card data is updated quarterly, averaging 3.250 % Point from Jun 2007 (Median) to Sep 2018, with 46 observations. The data reached an all-time high of 33.200 % Point in Mar 2016 and a record low of -46.000 % Point in Sep 2008. United Kingdom Credit Cond: UL: N3: HH: PA: Approved Credit Card data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.KB019: Credit Conditions Survey: Unsecured Lending: Next 3 Months.

United Kingdom Credit Cond: UL: L3: HH: Average Credit Quality: New Credit Card data was reported at 16.700 % Point in Sep 2018. This records an increase from the previous number of 13.100 % Point for Jun 2018. United Kingdom Credit Cond: UL: L3: HH: Average Credit Quality: New Credit Card data is updated quarterly, averaging -2.400 % Point from Jun 2012 (Median) to Sep 2018, with 26 observations. The data reached an all-time high of 16.700 % Point in Sep 2018 and a record low of -23.300 % Point in Sep 2015. United Kingdom Credit Cond: UL: L3: HH: Average Credit Quality: New Credit Card data remains active status in CEIC and is reported by Bank of England. The data is categorized under Global Database’s United Kingdom – Table UK.KB018: Credit Conditions Survey: Unsecured Lending: Last 3 Months.

The volume of credit card lending of British pounds in the United Kingdom (UK) was 9.8 percent in April 2025, one percentage point less than a year before. February 2021 saw the lowest growth rate of credit card lending to individuals during the time displayed, with record negative figures of -20.8 percent.

Key information about United Kingdom Household Debt: % of GDP

• United Kingdom household debt accounted for 81.6 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 81.8 % in the previous quarter.
• UK household debt to GDP ratio is updated quarterly, available from Mar 1987 to Sep 2024.
• The data reached an all-time high of 108.5 % in Mar 2010 and a record low of 55.6 % in Mar 1987.

• In the latest reports, UK Household Debt reached 3,076.4 USD bn in Sep 2024.
• Money Supply M2 in UK increased 2.2 % YoY in Dec 2024.
• UK Foreign Exchange Reserves was measured at 112.5 USD bn in Jan 2025.
• The Foreign Exchange Reserves equaled 1.4 Months of Import in Oct 2024.
• UK Domestic Credit reached 4,866.2 USD bn in Dec 2024, representing an drop of 1.3 % YoY.
• The country's Non Performing Loans Ratio stood at 1.0 % in Dec 2022, compared with the ratio of 1.0 % in the previous year.