THE LEADING RESEARCH REPORTS DISTRIBUTION
NETWORK

icrowd research  icrowd research  icrowd research  icrowd research  icrowd research  icrowd research  icrowd research  icrowd research icrowd research

UK Cards and Payments Market Size Worth $1.3 Trillion in 2023 Will Record a CAGR of over 5% by 2027 | GlobalData Plc

Mar 22, 2024 4:00 AM ET

UK Cards and Payments Market Size Worth $1.3 Trillion in 2023 Will Record a CAGR of over 5% by 2027 | GlobalData Plc

The UK cards and payments market size worth $1.3 trillion in 2022 will record a CAGR of more than 5% by 2027, according to a new report by GlobalData Plc. The UK cards and payments market research report identifies the rise of contactless payments and a surge in debit card payments as the key factors influencing the market’s growth. The report aids clients in making strategic business decisions, using top-level historical and forecast market data, related to the UK cards and payments industry and each market within it.

UK cards and payments Market Outlook is Available with GlobalData! Read our Free Sample Report

UK Cards And Payments Market FAQs

  • What was the annual value of card transactions in the UK cards and payments market in 2023?
    The annual value of card transactions in the UK cards and payments market was $1.3 trillion in 2023.
  • What is the expected growth rate of the annual card transactions in the UK cards and payments market for the forecast period?
    The annual value of card transactions in the UK cards and payments market will grow at a CAGR of more than 5% during 2023-2027.
  • Which was the leading payment instrument in the UK cards and payments market in 2023?
    Cards was the leading payment instrument in terms of transaction volume in the UK cards and payments market in 2023.
  • Which are the leading players in the UK cards and payments market?The leading players in the UK cards and payments market are Apple Pay, Santander, Visa, Barclays, and HSBC, among others.

Got More Queries? Have all your Questions Answered Through this PDF Sample!

UK Cards and Payments Market Dynamics

An almost 100% banked population, a high level of awareness of electronic payments, and an increasingly developing payment acceptance infrastructure have been successful in encouraging UK consumers to use electronic payment methods for day-to-day transactions.

Fintech companies and digital-only banks are entering the payment card space to leverage the aware target consumer segment. For instance, in November 2022, Nigerian digital bank Kuda launched in the UK, offering services such as fund transfers, saving accounts, and physical and virtual payment cards. Similarly, in January 2022, Klarna launched a Visa-branded credit card in the UK. Furthermore, fintech companies are also offering international P2P payment platforms. In March 2023, Brightwell partnered with Visa to launch cross-border payments, enabling users to make international money transfers.  Similarly, Wise offers UK customers both domestic and international transfers to multiple countries.

Download a Free Sample or Buy the Full Report for Detailed UK Cards and Payments Market Dynamics

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

Gain Segment-Wise UK Cards and Payments Market Insights in our Free PDF Sample

Key UK Cards And Payments Market Highlights

  • Cards dominated the UK cards and payments in terms of transaction volume in 2023. The convenience of payments and increased preference for contactless payments are bolstering the demand for cards among UK consumers. Furthermore, the COVID-19 pandemic aided the growth of cards, driven by the surge in contactless and e-commerce payments.
  • Instant payments are also garnering gradual traction in the UK cards and payments market. Faster Payments is the UK’s instant payment service. Launched in May 2008, the service allows users to make fund transfers in real-time 24 hours a day, seven days a week, 365 days a year. In May 2020, the Request to Pay overlay service was launched to facilitate real-time bill payments.

Unlock Additional UK cards and payments Market Insights,  Request For Free Sample

Related Reports

Greece Cards and Payments – Opportunities and Risks to 2027

Poland Cards and Payments – Opportunities and Risks to 2027

Ireland Cards and Payments – Opportunities and Risks to 2027

Switzerland Cards and Payments – Opportunities and Risks to 2027

Luxembourg Cards and Payments – Opportunities and Risks to 2027

About us

GlobalData is a leading provider of data, analytics, and insights on the world’s largest industries. In an increasingly fast-moving, complex, and uncertain world, it has never been harder for organizations and decision-makers to predict and navigate the future. GlobalData’s mission is to help our clients to decode the future and profit from faster, more informed decisions. As a leading information services company, thousands of clients rely on us for trusted, timely, and actionable intelligence.

Tags: , , , , ,

See Campaign: https://www.globaldata.com/store/report/uk-cards-and-payments-market-analysis/

Contact Information:

Media Contacts GlobalData Mark Jephcott Head of PR EMEA [email protected] cc: [email protected] +44 (0)207 936 6400



Tags:

BNN, Extended Distribution, iCN Internal Distribution, Reportedtimes, Research Newswire, English