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