Most popular online payment methods in the UK 2023

In the United Kingdom (UK), digital wallets were a popular payment method used by 38 percent of consumers who made e-commerce payments in 2023. That year, credit and debit cards were both still common options as well.

Embracing digital wallets

Gen Z, has helped make digital wallets more popular. Growing up with smartphones, the fast, easy, and secure way digital wallets allow payment makes them attractive to use both online and in stores. For many Gen Z shoppers, digital wallets do not just make payments simple, they also offer loyalty programs and special deals. Because of this, Gen Z is shifting away from traditional payment methods, seeing digital wallets as a natural part of their tech-focused lifestyle. This trend will likely keep growing, as its shown through its transaction value worldwide.  

Millennials and Gen Z:  powerhouses in social engagement

Although Gen Z has shown a higher presence when it comes to using social media platforms, Millennials are also avid users and participate on social platforms at the same capacity as Gen Z, at around 94 percent respecitvely. Both generation have high frequency of use of such platforms, with around 70 percent of them being on social media daily, making social media an important factor to consider when looking at e-commerce customer journeys.