United Kingdom (UK) Cards and Payments – Opportunities and Risks to 2027

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UK Cards and Payments Market Report Overview

The annual value of card transactions in the UK cards and payments market was $1.3 trillion in 2023. The value is expected to grow at a CAGR of more than 5% during 2023-2027. The following are some of the key highlights of the UK cards and payments market:

  • Fintech companies are offering international P2P payment platforms to cater to the rising demand for cross-border payments.
  • Cards had the highest share of payment transaction volume in 2023.
  • Apple Pay is the most popular alternative payment solution among e-commerce payments.
  • The popularity of online shopping events such as Black Friday and Cyber Monday has propelled e-commerce growth.

UK Card Transactions Outlook, 2023-2027 ($ Trillion)

UK Card Transactions Outlook, 2023-2027 ($ Trillion)

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The UK cards and payments market research report provides a detailed analysis of market trends influencing the industry. It provides transaction values and volumes for several payment instruments for the review period. In addition, the UK cards and payments market analysis offers information on the country’s competitive landscape, including market shares of issuers and schemes. The report also entails regulatory policy details and provides extensive coverage of any recent changes in the regulatory structure.

Annual Value of Card Transactions (2023) $1.3 trillion
CAGR (2023-2027) >5%
Forecast Period 2023-2027
Historical Period 2019-2022
Key Payment Instruments ·        Cards

·        Cash

·        Credit Transfers

·        Mobile Wallets

·        Direct Debits

·        Cheques

Key Segments ·        Card-Based Payments

·        Merchant Acquiring

·        Ecommerce Payments

·        In store Payments

·        Buy Now Pay Later

Leading Players ·        Apple Pay

·        Santander

·        Visa

·        Barclays

·        HSBC

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UK Cards and Payments Market Dynamics

In the UK, Fintech companies and digital-only banks are entering the payment card space. For instance, in November 2022, a Nigerian digital bank, Kuda that was launched in the UK, is offering services such as fund transfers, saving accounts, and physical and virtual payment cards. In addition, contactless payments are increasingly being rolled out for transport. For instance, recently in September 2023, an UK-based payment company Unicard announced a partnership with Transport for Wales, which will enable commuters to pay for public transport using contactless payment cards and mobile wallets.

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UK Cards and Payments Market Segmentation by Payment Instruments

The key payment instruments in the UK cards and payments market are cash, mobile wallets, credit transfers, cards, direct debits, and cheques. The convenience of electronic payments, robust payment infrastructure, the increasing preference for contactless payments, and e-commerce market growth were responsible for the high penetration of cards in the UK cards and payments market by transaction volume in 2023.

UK Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

UK Cards and Payments Market Analysis by Payment Instruments (Volume Terms), 2023 (%)

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UK Cards and Payments Market Segments

The key segments in the UK cards and payments market are card-based payments, merchant acquiring, e-commerce payments, in-store payments, and buy now pay later, among others.

E-commerce PaymentsE-commerce in the UK has registered healthy growth in the last few years. This is attributed to the prevalence of smartphones, widespread internet penetration, the availability of secure online payment systems, and the increasing number of online shoppers. The popularity of online shopping events such as Black Friday and Cyber Monday has also propelled e-commerce growth.

Alternative payment solutions such as Apple Pay, PayPal, and Amazon Pay are also used for online payments. Apple Pay accounted for more than 8% of total ecommerce transaction value in 2023. PayPal is the second most popular alternative payment option.

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UK Cards and Payments Market - Competitive Landscape

A few of the leading players in the UK cards and payments market are:

  • Apple Pay
  • Santander
  • Visa
  • Barclays
  • HSBC

Apple Pay: It was launched in the UK in July 2015 to make in-store, in-app, and online payments. Card issuers and schemes that support Apple Pay in the UK include American Express, Mastercard, Visa, Barclays, Barclaycard, First Direct, and Ulster Bank among others.

Leading UK Cards and Payments Players, 2023

Leading UK Cards and Payments Players, 2023

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UK Cards and Payments Market – Latest Developments

  • In May 2021, UK-based cryptocurrency wallet and payment platform Zumo launched a virtual card offering. The card enables holders to use cryptocurrencies to make purchases at any online retailer that accepts Visa. The card is designed to convert Bitcoin and Ether cryptocurrencies into traditional fiat currencies to enable online transactions.
  • In August 2023, US-based auto manufacturer Tesla launched the first V4 Supercharging device with contactless payment functionality.

Segments Covered in the Report

UK Cards and Payments Instruments Outlook (Value, $ Trillion, 2019-2027)

  • Cash
  • Mobile Wallets
  • Credit transfers
  • Cards
  • Direct debits
  • Cheques

UK Cards and Payments Market Segments Outlook (Value, $ Trillion, 2019-2027)

  • Card-Based Payments
  • Merchant Acquiring
  • Ecommerce Payments
  • In store Payments
  • Buy Now Pay Later

Scope

This report provides:

  • Current and forecast values for each market in the UK cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments, including cards, credit transfers, cheques, and direct debits. It also includes an overview of the country’s key alternative payment instruments.
  • E-commerce market analysis.
  • Analysis of various market drivers and regulations governing the UK cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit and credit cards.
  • Comprehensive analysis of consumer attitudes and buying preferences for cards.
  • The competitive landscape of the UK cards and payments industry.

Reasons to Buy

  • Make strategic business decisions, using top-level historical and forecast market data, related to the UK cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the UK cards and payments industry.
  • Assess the competitive dynamics in the UK cards and payments industry.
  • Gain insights into marketing strategies used for various card types in the UK.
  • Gain insights into key regulations governing the UK cards and payments industry.

Lloyds Banking Group
NatWest Group
Barclays
HSBC
Santander
Nationwide Building Society
Banco Sabadell
Capital One
Vanquis Bank
Virgin Money
The Co-operative Bank
American Express
Diners Club
Visa
American Express

Table of Contents

Market Overview

Payment Instruments

Card-Based Payments

Merchant Acquiring

Ecommerce Payments

In-Store Payments

Buy Now Pay Later

Mobile Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Job Analysis

Payment Infrastructure and Regulation

Appendix

Frequently asked questions

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