Payments in the UK 2017

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UK Money Remittance Industry
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The report titled Payments in the UK 2017 What
Consumers Want, provides a comprehensive
analysis of payment methods and option in UK,
various payment cards, technological advancements
in banking sector, evolution in digital payments,
leading companies in payment methods, and future
of payments industry in UK. Payment Methods and
Cards Overview It was observed that there are
around 164 million payment cards in use in the
UK. The usage of debit cards in UK has increased
drastically over the recent years. The number
consumers possessing debit cards is considerably
growing, but the credit card sector has become
static. Full-time employees and also population
under higher income bracket are more likely to
hold both debit and credit cards compared to
other groups. With increasing population the use
of payment cards will increase in UK.
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Almost all the cardholders are using their
payment cards more frequently across different
channels like in-store or remotely, and in
various forms such as wearables, mobile, in-app
etc. Contactless cards are now an essential
established way of making payments and
alternative for banking transactions. Debit cards
in UK, account for the majority of transactions
compared to credit cards and charge cards. The
majority of payments cards are used at in-store,
however, with the introduction of both e-commerce
and m-commerce UK consumers are shopping online.
The number of retailers accepting cards in UK
continued to increase along with the number of
outlets. It was observed that there is an
increase in point-of-sale (POS) terminals in the
country.  
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Technological Advancements UK consumers are
embracing the speed and convenience of the
advanced technology in the contactless payments.
The number of contactless debit cards increased
along with contactless credit and charge cards.
It was observed that there is a huge growth in
the contactless payments. UKs 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 countrys 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.
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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.
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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.
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nts-in-the-uk-2017-what-consumers-want/142703-93.h
tml Related Reports Payments in Russia 2017
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What Consumers Want   Contact UsKen
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