Forecast: Value of Payment Transactions in the UK

The UK payment transaction value experienced a notable decline over the past decade, dropping from 118.73 trillion USD in 2013 to 68.84 trillion USD in 2023. The series of negative annual growth rates, including a significant dip of 21.6% in 2020, highlighted a challenging environment. In 2023, the value stood at 68.84 trillion USD, with a year-on-year decrease of 6.23%. The 5-year Compound Annual Growth Rate (CAGR) from 2018 to 2023 was -5.77%, indicating a continuous downward trend. Forecast projections suggest a further decline, with a forecasted 5-year CAGR of -6.76%, showing an expected value drop to 45.17 trillion USD by 2028, corresponding to a forecasted growth rate of -29.52%.

Future trends to watch for include the impact of digital payment innovations, regulatory changes, and economic factors that may influence both the volume and value of transactions in markets undergoing rapid technological advancements. Close monitoring of emerging payment technologies and consumer behavior will be crucial to anticipate potential recovery or further declines in transaction values.