£1 trillion worth of UK card transactions in 2024 as people move away from cash and contactless booms

UK issued 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, according to UK Finance research.

At the end of 2024 there were 163.4 million UK debit and credit cards issued, up from 159.7 million at the end of 2023. The total value of transactions on these cards was just over £1 trillion during 2024 - in line with 2023 - and split between: 

• Debit card spend of £797 billion - down 0.8% compared to 2023 

• Credit card transactions worth £249 billion - up 5.3% compared to 2023 (credit card transactions include card purchases, cash withdrawals and balance transfers) 

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%. This shows a move towards a larger number of payments for a lower average value, driven by factors including:  

• People moving away from cash towards debit cards 

• The continued trend towards small businesses accepting card payments, and for cards being accepted for low value transactions 

• The growth of contactless payments, with it being easier to make lower value transactions using cards as well as smartphones and watches 

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% rise 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, says: “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.” 

2025 RTIH INNOVATION AWARDS

Payments will be a key focus area at the 2025 RTIH Innovation Awards.

The awards. which will open for entries in March, celebrate global tech innovation in a fast moving omnichannel world.

Our 2024 hall of fame entrants were revealed during an event which took place at RIBA’s 66 Portland Place HQ in Central London on 21st November, and consisted of a drinks reception, three course meal, and awards ceremony presided over by comedian Lucy Porter.

In his welcome speech, Scott Thompson, Founder and Editor, RTIH, said: “The event is now into its sixth year and what a journey it has been. The awards started life as an online only affair during the Covid outbreak, before launching as a small scale in real life event and growing year on year to the point where we’re now selling out this fine, historic venue.”

He added: “Congratulations to all of our finalists. Many submissions did not make it through to the final stage, and getting to this point is no mean feat. Checkout-free stores, automated supply chains, immersive experiences, on-demand delivery, next generation loyalty offerings, inclusive retail, green technology. We’ve got all the cool stuff covered this evening.”

“But just importantly we’ve got lots of great examples of companies taking innovative tech and making it usable in everyday operations - resulting in more efficiency and profitability in all areas.”

Congratulations to our 2024 winners, and a big thank you to our sponsors, judging panel, the legend that is Lucy Porter, and all those who attended November's gathering. 

For further information on the 2025 RTIH Innovation Awards, please fill in the below form and we will get back to you asap.