FinTech Digital Payments penetration in United Kingdom 2019-2023, by segment

Digital payments are part of the essential infrastructure of a modern economy, enabling both individuals and businesses to transact efficiently. Being the global fintech hub, the UK market is especially robust, with digital payments accounting for a large majority of fintech transactions in the country.

Digital commerce payment methods are widely popular amongst consumers, as they are often used in e-commerce, e-services and digital media transactions and account for 85 percent of the total digital payment transaction value.

Mobile wallets yet to make an impact amongst UK retailers

Though mobile wallets like Apple Pay and Samsung Pay have gained popularity in many countries around the world, they are yet to make significant inroads in the UK retail landscape. The findings of a survey conducted in 2019 revealed that only eight percent of the retailers in the UK offered a mobile wallet payment option, while the majority 92 per cent did not.

FinTech - Digital Payments penetration forecast in United Kingdom 2019-2023, by segment

Digital CommerceMobile POS Payments
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Source

Release date

May 2019

Survey time period

2018

Supplementary notes

The Digital Payments market segment is led by consumer transactions and includes payments for products and services which are made over the Internet as well as mobile payments at point-of-sale (POS) via smartphone applications . The following are not included in this segment: transactions between businesses (Business-to-Business payments), bank transfers initiated online (that are not in connection with products and services purchased online), and payment transactions at the point-of-sale where mobile card readers (terminals) are used.

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