Alternative payments landscape in United Kingdom
The UK is likely Europe’s mobile-forward market, with contactless payments steadily growing since around 2014. UK consumers have been relatively quicker to adopt digital payments than others in the region. In this case study, we’re looking at the reasons for this, as well as the trends and outlook for the future of alternative payment methods in the United Kingdom.
As a 2020 Statista report shows, over 81% of UK citizens used some form of digital payments, and the country already is a very crowded marketplace when it comes to the fintech infrastructure.
Though credit and debit cards are still the most popular payment method, there’s plenty of potential for further growth of digital wallets, including the high smartphone penetration (85.6% in 2019) and an established “tap-and-go” culture.
But with Brexit looming over the entire British financial industry, things might not be as straightforward as they seem for digital wallets, with challenges like unaligned compliance requirements in the background.
Download our latest case study focused on the UK’s digital payments landscape to learn more about:
- The most popular alternative payment methods currently competing with credit and debit cards
- Leading e-wallets and their fees
- The rising popularity of direct carrier billing
- What Brexit could mean for digital wallet providers going forward