In 2013 there were 30.1 million credit and charge card holders, equating to around 60% of all UK adults. Credit cards were used for 42 purchases on average in 2013, with the typical transaction valued at £69.49.
Over 80% of all credit and charge card spending in 2013 was made by cardholders who repaid the balance in full.
The report said that in a reflection of people's desire to pay down debt where they can in tough economic times, outstanding borrowing on credit cards has fallen by 15.6% from a monthly average peak of £67.4 billion in 2005 to £56.4 billion in 2013.
The annual value of card payments is expected to lift from £520 billion last year to around £874 billion in 2023.
'Tap and go' debit cards
This figure is expected to be boosted by card use by young adults who have grown up with debit cards, the growth in technology such as contactless payments and the rise in internet shopping, which often involves payments being made by debit card.
A report released by the British Retail Consortium (BRC) this week also suggested that advances in technology are prompting consumers to take their plastic out of their wallets to pay on occasions where they may have previously used cash.
Contactless "tap and go" debit card payments allow people to make payments of up to £20 at the tillpoint simply by swiping their card on a reader.
Around 7.2 million contactless cards were issued in 2013 to leave the year-end total at 38 million.
Major merchants which now accept contactless payments include Marks & Spencer, Greggs, Boots, Aldi, Lidl, Starbucks and Costcutter.