Between 2013 and 2023, the value of payments by cards with a credit function in the UK showed varying trends. Notably, there was significant growth in 2014, followed by a modest increase in subsequent years. The years 2016 and 2020 saw declines, notably in 2020 with a 16.07% drop, likely influenced by the pandemic. The value rebounded strongly in 2021, rising by 27.88%, before stabilizing with minor fluctuations in 2022 and 2023, reaching $237.41 billion in 2023. The last CAGR over the 2019-2023 period stood at 0.64%, indicating slow growth.
For the forecasted period from 2024 to 2028, a steady yet moderate growth is expected. The values are projected to increase consistently, with the CAGR for this period anticipated to be 0.8%. This suggests a stable recovery and gradual growth in the payments sector.
Future trends to watch for:
- Impact of digital payment innovations and fintech advancements.
- Changes in consumer behavior post-pandemic and during economic fluctuations.
- Regulatory changes affecting credit card usage and the broader financial ecosystem.