The number of card payments in the UK has shown a steady increase from 11.61 billion units in 2013 to 20.13 billion units in 2023. Year-on-year growth rates peaked early in the decade, reaching over 12% but have gradually decreased over time, reflecting a maturing market. The 2023 figure represents an increase of 2.94% from the previous year, while the average annual growth rate (CAGR) over the past five years has been 3.27%.
Moving forward, from 2024 to 2028, the forecast indicates a continued upward trend, albeit at a slower pace, with an expected CAGR of 1.99% over the next five years. By 2028, the number of card payments is predicted to reach 22.83 billion units, representing an overall growth rate of 10.34% from 2023.
Future trends to watch for:
- Increased use of contactless and mobile payments
- Impact of emerging technologies like blockchain and cryptocurrencies
- Regulatory changes and their effects on payment systems
- Consumer behavior shifts towards digital and e-commerce transactions
