From 2013 to 2023, the number of cards with a payment function in the UK exhibited significant fluctuations. After a minor growth of 3.91% in 2013, the market showed variations including a notable drop of 16.83% in 2020, influenced by the COVID-19 pandemic. However, there was a strong recovery in 2021 with a 26.76% increase. As of 2023, the market stood at 177.65 million units, with only a slight rise of 0.19% compared to the previous year. Over the last five years, the compound annual growth rate (CAGR) is relatively stable at 0.22%.
The forecast from 2024 to 2028 projects a moderate growth trend. The CAGR for this period is anticipated to be 0.15%, indicating a steady but gradual increase. The total number of cards with a payment function is expected to reach 179.98 million units by 2028, reflecting a growth rate of 0.74% over the next five years. Future trends to watch for include the potential impact of digital wallets and evolving payment technologies, regulatory changes, and consumer preferences shifting towards contactless and mobile payments.