FinTech transaction value forecast in United Kingdom 2019-2023, by segment

With London being a global fintech hub, it is not surprising to see that consumer fintech adoption rates in the UK are at 71%, the third highest in the EU. Nearly 63.5 million users made digital payments in 2018, whilst 4.4 million users used the Mobile POS methods for their transactions. With their known affinity to shopping, women were unsurprisingly the leaders in digital commerce with a share of 51.6% in 2017 as compared to 48.4% for men.

Digital payments are the most preferred method of fintech transactions, accounting for over 80 percent of the total transaction value in 2018. The total value of digital payments in the country is expected to register a CAGR of almost 8% to grow from 139.5 billion U.S. dollars in 2017 to over 220 billion U.S. dollars in 2023.

Services mostly used for banks and payments

Fintech services were mostly used by consumers for banks and payments followed by financial management services in 2019. As such, the UK ranks amongst the top seven nations in Europe with the highest online banking penetration rate.

FinTech - Transaction value forecast in United Kingdom 2019-2023, by segment

Digital PaymentsPersonal FinanceAlternative LendingAlternative Financing
-----
-----
-----
-----
-----
-----
-----
Exclusive Premium statistic

You need a Single Account for unlimited access.

  • Full access to 1m statistics

  • Incl. source references

  • Available to download in PNG, PDF, XLS format

Single Account

only $59 / month *
*Duration: 12 months, billed annually, single license

Access to this and all other statistics on 80,000 topics from

$708 / Year

Show detailed source information?
Register for free
Already a member?
Log in
Source

Release date

March 2019

Survey time period

2018

Supplementary notes

FinTech is short for ‘Financial Technology’, the central concept of structural change and digitization within the financial services industry. Under the collective name FinTech (which still lacks a clear definition even within the industry), financial services are understood within the framework of the Digital Market Outlook. Digital infrastructures allowing the establishment of new types of agreements and procedures in the classic areas of banking such as lending, investment strategies and payments.

You can read full segments definitions here.

Statista Accounts: Access All Statistics. Starting from $708 / Year
Basic Account
Get to know the platform

You only have access to basic statistics.
This statistic is not included in your account!

Single Account
Your perfect start with Statista
  • Instant access to 1m statistics
  • Download in XLS, PDF & PNG format
  • Detailed references

$59 / Month *

Corporate Account
Full access

Corporate solution including all features.

* All products require an annual contract.
   Prices do not include sales tax.

Statistics on "FinTech business finance in the United Kingdom"

Further Content: You might find this interesting as well

Statista Accounts: Access All Statistics. Starting from $708 / Year
Learn more about how Statista can support your business.