Ken Research - UK cards and payments market research report

Evolution in Digital Payments and Contactless Cards Witnessed a Huge Growth in UK Payments Industry: Ken Research The report titled “Payments in the UK 2017: What Consumers Want”, provides a comprehensive analysis of payment methods and option in UK, various payment cards, technological advancements in banking sector, evolution in digital payments, leading companies in payment methods, and future of payments industry in UK. Payment Methods and Cards Overview: It was observed that there are around 164 million payment cards in use in the UK. The usage of debit cards in UK has increased drastically over the recent years. The number consumers possessing debit cards is considerably growing, but the credit card sector has become static. Full-time employees and also population under higher income bracket are more likely to hold both debit and credit cards compared to other groups. With increasing population the use of payment cards will increase in UK. Almost all the cardholders are using their payment cards more frequently across different channels like in-store or remotely, and in various forms such as wearables, mobile, in- app etc. Contactless cards are now an essential established way of making payments and alternative for banking transactions. Debit cards in UK, account for the majority of transactions compared to credit cards and charge cards. The majority of payments cards are used at in-store, however, with the introduction of both e-commerce and m-commerce UK consumers are shopping online. The number of retailers accepting cards in UK continued to increase along with the number of outlets. It was observed that there is an increase in point- of-sale (POS) terminals in the country. Technological Advancements: UK consumers are embracing the speed and convenience of the advanced technology in the contactless payments. The number of contactless debit cards