UK Card Transactions Exceed £1 Trillion in 2024
UK Finance reports a rise in contactless payments and overall card transactions amidst evolving spending behavior.
The volume of contactless card transactions in the United Kingdom grew by 3.4% in 2024, reaching a total of 18.9 billion transactions, according to data released by UK Finance.
This growth reflects an ongoing trend towards more frequent, smaller-value card payments.
In terms of financial activity, the total value of transactions made using debit and credit cards in the UK surpassed £1 trillion during the year, consistent with the figures reported in 2023. Individual spending patterns indicate that debit card spending amounted to £797 billion, a decrease of 0.8% compared to the previous year, while credit card transactions, which encompass purchases, cash withdrawals, and balance transfers, rose to £249 billion—an increase of 5.3% from 2023.
The average value of contactless transactions increased slightly to £15.86 in 2024 from £15.59 in 2023, indicating a shift in consumer behavior as individuals move away from cash payments.
UK-issued debit and credit cards facilitated a total of 31.4 billion transactions throughout the year, up from 30.2 billion in 2023, with the number of issued cards climbing to 163.4 million by year-end, compared to 159.7 million at the end of the previous year.
Factors contributing to this surge in contactless payment usage include greater acceptance of cards in places previously reliant on cash transactions and the increasing utilization of mobile contactless payment methods.
According to Janine Randolph, head of data management at UK Finance, consumers are utilizing their cards more frequently, supported by advancements in card acceptance technology.
Barclays has reported that a record 94.6% of eligible in-store transactions were conducted via contactless means last year, encompassing both contactless cards and mobile payments up to a limit of £100.
This trend underscores the rising significance of self-service options in retail and hospitality settings, which enhance transaction efficiency and consumer convenience.
This growth reflects an ongoing trend towards more frequent, smaller-value card payments.
In terms of financial activity, the total value of transactions made using debit and credit cards in the UK surpassed £1 trillion during the year, consistent with the figures reported in 2023. Individual spending patterns indicate that debit card spending amounted to £797 billion, a decrease of 0.8% compared to the previous year, while credit card transactions, which encompass purchases, cash withdrawals, and balance transfers, rose to £249 billion—an increase of 5.3% from 2023.
The average value of contactless transactions increased slightly to £15.86 in 2024 from £15.59 in 2023, indicating a shift in consumer behavior as individuals move away from cash payments.
UK-issued debit and credit cards facilitated a total of 31.4 billion transactions throughout the year, up from 30.2 billion in 2023, with the number of issued cards climbing to 163.4 million by year-end, compared to 159.7 million at the end of the previous year.
Factors contributing to this surge in contactless payment usage include greater acceptance of cards in places previously reliant on cash transactions and the increasing utilization of mobile contactless payment methods.
According to Janine Randolph, head of data management at UK Finance, consumers are utilizing their cards more frequently, supported by advancements in card acceptance technology.
Barclays has reported that a record 94.6% of eligible in-store transactions were conducted via contactless means last year, encompassing both contactless cards and mobile payments up to a limit of £100.
This trend underscores the rising significance of self-service options in retail and hospitality settings, which enhance transaction efficiency and consumer convenience.
