UK contactless payment market is anticipated to grow at a CAGR 15.0% during the forecast period. UK contactless payment market has held the major market share due to high adoption and awareness. Due to modernization trend, adoption is also growing in UK at a high rate. UK is leading the market with the value of $460 million in 2018 and is estimated to reach about $1.2billion till 2025. UK is one of those countries which is rapidly transforming from conventional to contactless payment methods and digital technology is emerging as one of the supporting pillars for rapid transformation of financial services.
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According to UK Finance department, 7 out of every 10 account holders use online banking. Cash payments are continuously decreasing with the evolution of advanced technology in the financial sector. Approximately 62% of the total payments in 2006 were made through cash which has reduced to 40% in the year 2016 and in 2026, the number is estimated to decrease to 21%. With the increasing digital payments, financial institutions are trying to enhance security and handling of payment operations with the support of advanced technology.
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Cashless payments are being made safer with the use of NFC technology. NFC technology-based payment cards are being integrated into shopping stores, product and service outlets, BFSI institutions, and others. The cashless mobile payments are being facilitated by using apps installed in smartphones. Currently available cashless mobile payment platforms in the UK include Amex Pay, Apple Pay, Barclays Contactless Mobile, Google Pay, and Samsung Pay. Moreover, digital payments are continuously growing in the country making it vulnerable to cyber-attacks. According to Faster Payment Organization based in UK, in October 2017, UK has reported 152.6 million digital transactions and from October 2017 to September 2018, the country has recorded 1.9 billion numbers of digital transactions.
UK Contactless Payment Market Segmentation
• Smart Cards
• Point of Sale Terminals
• Gemalto NV
• GIESECKE+DEVRIENT GMBH
• IBM Corp.
• INFINEON TECHNOLOGIES AG
• Ingenico Group SA
• Prepay solutions
• Thales Group
• VERIFONE SYSTEMS, INC
• VISA, INC
• Wirecard AG
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