UK Cards & Payments: Opportunities and Risks to 2023

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GlobalData’s 'UK Cards & Payments: Opportunities and Risks to 2023' report provides detailed analysis of market trends in the UK's cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2015-19e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2019e-23f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

This report provides top-level market analysis, information and insights into the UK's cards and payments industry, including –
– Current and forecast values for each market in the UK's cards and payments industry, including debit, credit, and charge cards.
– Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. 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's cards and payments industry.
– Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.

Scope

– To enhance competition and innovation in the payment and banking space, open banking was rolled out by the Open Banking Implementation Entity (OBIE) in January 2018. This allows customers to give other companies permission to securely access their bank accounts. Customers can also access a range of services from different types of companies regulated by the Financial Conduct Authority (FCA) or any other European regulator. The service covers personal and business current accounts, credit cards, and online e-money accounts. OBIE is an entity created by the UK’s nine largest personal and small business current account providers: Barclays, Lloyds Banking Group, Santander, Danske Bank, HSBC, RBS, Bank of Ireland, Nationwide, and AIB Group. 45 banks and building societies currently offer open banking.

– Contactless payments are increasingly being implemented within the country’s transport system. In December 2018, Stagecoach – Britain’s biggest bus operator – announced it would accept contactless payments on all of its vehicles. The Stagecoach scheme is the single largest contactless merchant in Europe after Transport for London (TfL). Millions of Stagecoach passengers now have access to contactless bus travel after the company completed the rollout of the technology, which covers 7,400 vehicles operating in England, Scotland, and Wales. Passengers can pay for their travel with a contactless credit or debit card, as well as Apple Pay and Google Pay. As of September 2019, 50 million contactless payments had been made by Stagecoach customers.

– Credit card spending is likely to be affected in the coming years, following warnings from the Bank of England over excessive consumer spending. Consequently, the majority of lenders have reported a decline in the availability of unsecured credit, driven in large part by a reduced appetite for risk and the imposition of stricter credit scoring criteria for credit card applications in mid-2018. In addition, rising credit card interest rates are a cause for concern. According to data website Moneyfacts, the average APR in the UK market was 24.7% as of September 2019. Banks such as Bank of Scotland, Halifax, and Lloyds Bank have increased the APRs on their credit cards. UK economic growth, the outcome of Brexit, and changes to Bank of England policies may also impact on future credit card growth rates.

Reasons to Buy

– Make strategic business decisions, using top-level historic and forecast market data, related to the UK's cards and payments industry and each market within it.

– Understand the key market trends and growth opportunities in the UK's cards and payments industry.

– Assess the competitive dynamics in the UK's 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's cards and payments industry.

Lloyds Banking Group
Barclays
RBS
HSBC
Santander
Nationwide Building Society
Banco Sabadell
CYBG
The Co-operative Bank
Tesco Bank
Capital One
Vanquis Bank
Sainsbury’s Bank
Virgin Money
Bank of America
Worldpay
Barclaycard
Global Payments
Cardnet
Elavon
First Data
Visa
Mastercard
American Express
Diners Club
PayPal
Google Pay
Apple Pay
Klarna
Samsung Pay
Pingit
Paym
Revolut
Skrill
paysafecard
Visa Checkout
Masterpass

Table of Contents

Table of Contents

Card-based Payments

Merchant Acquiring

E-commerce Payments

Mobile Proximity Payments

P2P Payments

Bill Payments

Alternative Payments

Payment Innovations

Payments Infrastructure & Regulation

Appendix

Frequently asked questions

UK Cards & Payments: Opportunities and Risks to 2023 standard reports
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