Ken Research - UK cards and payments market research report | Page 2

increased along with contactless credit and charge cards. It was observed that there is a huge
growth in the contactless payments. UK’s e-commerce market is well developed and
mature. It is growing continuously almost twice as fast as the total card expenditure. The
growing awareness in consumers on online spending has encouraged the use of payment
cards. Credit cards in UK are an important, safe and convenient tool for credit
borrowing. As the country’s economy improves, the credit card lending will increase
drastically. Credit card borrowings also account for a relatively small part of household
disposable incomes. Credit borrowing was witnessed in areas of personal loans and car
finance and more than 80% of the population in UK opt for it.
Leading Players: The rapid evolution in digital payments in the card industry has
provided new ways to facilitate payments by allowing the retailers to offer customers a
convenient and secure shopping experience across various channels. Major UK retailers
are planning their strategies to serve customers through online and mobile channels with an
increasing in the volume of online spending and the growth of in-app purchasing. The
leading companies in UK payment methods are Lloyds Banking Group, Barclays, Royal
Bank of Scotland, HSBC, Santander, Tesco Bank, Visa, Mastercard, American Express
and Diners Club.
Way Forward in Consumer Payment Methods in UK: The consumer payments market in
the UK includes payment cards, online payments, P2P payments, and newer payment
technologies such as mobile wallets and contactless. The payments market is highly
matured and over-served by its financial institutions in the UK. It was observed that there
were more debit cards issued to individuals in the year 2017. The access to formal financial
services in the UK is easy and free and the population in UK is highly comfortable with
credit and debit cards both in-store and online. Use of contactless card numbers has
witnessed a rapid strong growth in the past few years because the users feel the cards are
helpful. The mobile proximity payments market in UK is still underdeveloped, and UK
consumers are using cash at the POS. The UK payments industry has developed such that
it supports bank transfers through the development of Paytm, which verifies the mobile
numbers to bank details of user at registration and then enabling users to send money using
only the recipient's mobile number. UK consumers are attracted to the regulatory and
legislative developments which influence the development of open banking, confirmation
of payee and the development of new standards within the banking sector.
Key Topics Covered in the Report:
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Adoption of Cardless and Contactless Payments in UK
Adoption of Payment Cards by Retailes and Micro-retailes in UK
Leading Players in UK’s Payment Market
UK bill Payment Market Research
UK Money Remittance Industry
Alternative payment methods in UK
UK Cards and payments industry trends
Consumer payment industry UK
UK Credit Card industry analysis
UK plastic money market
UK Credit cards market research
UK cards and payments market research report
M-commerce Market UK
Ecommerce payment industry UK
UK payment industry