In 2023, the number of cards with a debit function in the UK stood below 102.1 million units. The forecast indicates a steady growth from 2024 to 2028, with a year-on-year increase of approximately 0.5% to 0.6%. By 2028, the volume is expected to reach 104.25 million units, translating to a compound annual growth rate (CAGR) of approximately 0.6% over five years.

The market's moderate growth suggests a stable adoption of debit card functionality, driven by digital payment trends and increasing consumer preference for cashless transactions.

The impact of emerging digital wallets
The effect of regulatory changes on banking infrastructure
Potential shifts in consumer behavior toward mobile payments and contactless transactions