Digital Payments - United Kingdom

United Kingdom

The [currentlayername] market united_kingdom is expected to witness significant growth in the coming years.
According to projections, the total transaction value is set to reach an impressive [revenueyeartoday] in 2024.
This indicates a strong upward trend in the market.
Furthermore, it is anticipated that the market will continue to expand at a compound annual growth rate (cagr) of 8.50% between 2024 and 2028.
This growth rate is expected to result in a projected total transaction value of CN¥5,088.00bn by 2028.
When considering the different segments within the [currentlayername] market, it becomes evident that Digital Commerce holds the largest share.
In 2024, this segment is projected to reach a total transaction value of CN¥2,398.00bn, showcasing its dominance in the market.
In terms of global comparison, China stands out as the country with the highest cumulated transaction value.
By 2024, China is projected to reach a total transaction value of CN¥26,800.00bn, highlighting its robust presence in the [currentlayername] market.
These figures demonstrate the immense potential and growth opportunities within the [currentlayername] market, both united_kingdom and on a global scale.
The United Kingdom is experiencing a surge in digital payments, with consumers embracing contactless transactions and mobile payment apps.

Key regions: Japan, Germany, Brazil, United States, Asia

Market

Region

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Currency

Analyst Opinion

The digital payments market is currently experiencing a surge in growth, driven by the increasing adoption of e-commerce and mobile payments, as well as the rise of contactless payments due to the COVID-19 pandemic. Digital wallets and mobile payment apps such as PayPal, Venmo, and Cash App have become increasingly popular among consumers, allowing for seamless and secure transactions. Additionally, the growth of fintech startups and the integration of blockchain technology into payment systems have contributed to the expansion of the digital payments market.
Several factors are driving the growth of the digital payments market. Firstly, the convenience and speed of digital payments have made them a preferred method of payment for consumers, particularly among younger generations. Secondly, the increasing digitization of businesses has led to a growing demand for digital payment solutions that can streamline transactions and reduce costs. Thirdly, the rise of e-commerce and online marketplaces has increased the need for secure and efficient payment systems that can facilitate cross-border transactions. Finally, the COVID-19 pandemic has accelerated the adoption of contactless payments as consumers and businesses prioritize safety and hygiene.
The global digital payments market is projected to grow at to have a postive growth in the coming years. The Asia-Pacific region is expected to dominate the market, followed by North America and Europe, owing to the increasing adoption of digital payments in these regions. The rising number of partnerships and collaborations among payment service providers and the implementation of advanced technologies such as blockchain and artificial intelligence are also expected to drive market growth in the coming years.

Methodology

Data coverage:

The data encompasses B2C enterprises. Figures are based on transaction values / revenues / assets under management and user data of relevant services and products offered within the FinTech market.

Modeling approach / Market size:

Market sizes are determined through a combined top-down and bottom-up approach, building on a specific rationale for each market segment. As a basis for evaluating markets, we use annual financial reports of key players, industry reports, third-party reports, publicly available databases, and survey results from primary research (e.g., the Statista Global Consumer Survey). In addition, we use relevant key market indicators and data from country-specific associations, such as GDP, consumer spending, population, internet penetration, smartphone penetration, credit card penetration, and online banking penetration. This data helps us estimate the market size for each country individually.

Forecasts:

In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited for forecasting digital products and services due to the non-linear growth of technology adoption.

Additional notes:

The market is updated twice a year in case market dynamics change. The impact of the COVID-19 pandemic and the Russia-Ukraine war is considered at a country-specific level.