Mobile payments are digital payments that are exclusively performed with a mobile device, either online of offline, and the United Kingdom is no stranger to this. The UK mobile payments market is said to have more than 10 million
, accelerating a shift towards a more cashless society as many people used less bank notes and coins for in-store transactions. That same year, mobile payments made up
. Compared to other payment methods, however, mobile payments where consumers swipe their phone past a terminal are
. This is different in UK e-commerce, however, where
UK mobile payments compared to other countries
Mobile payments in the UK were
greater than in any other European country in 2020. Predictions are, however, that it will not be the fastest growing country come 2025 - as the compound annual growth (CAGR) for the United Kingdom is relatively low compared to countries like Germany, France, or Germany. This could indicate that mobile wallets were adopted earlier here than in other major countries. Indeed, Statista estimates that the UK
only ranked behind Denmark and Sweden when it comes to mobile payment penetration in 2021.
Younger people within the UK, especially, had registered for apps like Apple Pay or Google Pay over the course of 2020.
A country of foreign payment brands
Interestingly, mobile payments in the United Kingdom is mainly driven by non-domestic brands. This is different from, say, Sweden, where mobile payment app Swish is used far more than PayPal. In the UK, however,
PayPal’s monthly active user (MAU) count reaches about three million people. Indeed, nearly all UK respondents to Statista’s Global Consumer Survey in August 2021 indicated they had
used PayPal at least once in the previous 12 months. The
most-used mobile payment method in stores or restaurants, respondents stated to Statista, was Apple Pay. The mobile wallet from Barclays was mentioned for these in-store transactions, but by less than 10 percent of the survey respondents.
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data than referenced in the text.
