UK card transactions hit £1 trillion in 2024

UK Finance data has shown that the total value of transactions on these cards was just over £1 trillion during 2024.

The figures were in line with 2023 and split betwee debit card spend of £797 billion (down 0.8 per cent compared) to 2023 and credit card transactions worth £249 billion (up 5.3 per cent compared to 2023). 

Debit and credit cards were used to make 31.4 billion transactions in 2024 (both here and abroad) – up from 30.2 billion transactions in 2023. At the end of 2024 there were 163.4 million UK debit and credit cards in issue – up from 159.7 million at the end of 2023.

Since 2019, the value of debit and credit card transactions made by UK cardholders has increased by 26 per cent; however the number of transactions made on these cards has risen by 42 per cent.

There were 18.9 billion contactless transactions made in 2024 – a 3.4 per cent increase compared to 2023. The average value of a contactless transaction in 2024 was £15.86 – a 1.7 per cent increase compared to 2023.  These figures include both UK issued cards and overseas cards being used within the UK.

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 £1 trillion 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.” 

Alastair Douglas, CEO of TotallyMoney said “Today’s data shows both a drop in debt card spend, and an increase in credit card spending last year. And although the government may be celebrating that wages are rising, and inflation is slowing, credit card balances are growing, and almost 50% of people are paying interest every month.”