Consumer Payments Country Snapshot: Uk
The UK Payments Market is highly mature – arguably even over-served by its financial institutions. Access to formal financial services in the UK is easy and (though this is now changing in some cases) free, leading to a population which is highly comfortable with credit and debit cards both in-store and online.
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Key Players in Consumer Payments Country Snapshot: UK
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Key Findings of UK Consumer Payments Market
- Bank transfers have now become the preferred P2P method in the UK, likely thanks to the convenience and speed of Paym transfers.
- E-commerce accounts for the majority of online purchases by value in the UK, although m-commerce is expected to record a compound annual growth rate (CAGR) of 11% between 2015 and 2020 as consumers become increasingly comfortable using mobiles to shop online.
- The UK regulatory environment has seen significant change recently, with the dissolution of the Payments Council, the launch of a new Payment Systems Regulator, and the purchase of the formerly UK bank-owned infrastructure operator Vocal ink by MasterCard.
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Synopsis of UK Consumer Payments Market:
This report examines the consumer payments market in the UK, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. This report also examines the regulations in force in the market which players must comply with, and how these have changed in recent years.
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