The total value of transactions on these cards was just over £1trn during 2024, with debit card spend of £797bn and credit card transactions worth £249bn. These figures include both UK-issued cards and overseas cards being used within the UK.
Since 2019, the value of debit and credit card transactions made by UK cardholders has increased by 26%. However, the number of transactions made on these cards has risen by 42%. UK Finance said this shows a move towards a larger number of payments for a lower average value.
This is driven by factors including people moving away from cash towards debit cards, and the continued trend towards small businesses accepting card payments, especially for low-value transactions. The growth of contactless payments has also contributed to higher card use, with it being easier to make lower-value transactions using cards as well as smartphones and watches.
UK Finance reported there were 18.9 billion contactless transactions made in 2024 – a 3.4% increase compared to 2023. The average value of a contactless transaction in 2024 was £15.86 – a 1.7% increase compared to 2023.
Data from Barclays published yesterday (1 April) found that contactless spending hit a new high in 2024 among the bank’s customers.
Click here to view our Sponsored Content Hub
Janine Randolph, head of data management at UK Finance, said: “Debit and credit cards continue to be the preferred method of spending for UK consumers. During 2024, we saw just over £1trn worth of transactions by UK cardholders. We are using our cards more frequently, particularly making use of contactless transactions, which is being driven by increased card acceptance and also mobile contactless payment.”
Aaron Peake, personal finance expert at CredAbility, said: “With over 163 million debit and credit cards in circulation, plastic is the go-to for everyday spending. And the rise in transactions in recent years, without a significant jump in spend, shows people are making more frequent, smaller purchases.
“While contactless and one-click checkouts make buying easier, they can also encourage impulsive spending. Those ‘little and often’ purchases quickly add up, making it harder to stick to a budget.
“To stay on top of your spending, set up real-time purchase alerts in your banking app and check your credit score regularly to spot any worrying patterns, such as missed payments or a rise in the amount of available credit you’re using.”
