Published on : Jul 28, 2017
Albany, New York, July 28, 2017: The U.K. payments market is spearheading innovative change, supported by Government, regulators and other payment service providers, both the traditional players and new challenges in the market. A new study, focusing on the consumer’s preference towards payment for transactions has been broadcasted to the wide repository of Market Research Hub (MRH), with the title of “U.K. Consumer Payment Preferences - June 2017”. The study highlights current trends impacting the U.K. card and cash payment market and focuses towards the latest developments by leading service providers which are estimated to surge the market growth in the coming years.
The major aim of the study is to provide current data on consumer spending on cards, fraud levels and market growth and development. According to this latest research, Cash and card payments both grow in the past few years, as contactless finally takes off. Consumers are preferring all forms of electronic payments for ease of use, convenience, and cost effectiveness. Payments in the UK are moving from physical to digital; cash is now used for fewer than half of all payments made by consumers, a trend that is set to continue as new ways to pay are developed and adopted. But, preferences for traditional payment methods, as well as concerns about security, are currently holding smartphone payments back.
It has been analyzed that the UK is one of five countries where digital payments have out grown cash payments. This is due partly to the growth of “e” and “m” commerce where cash cannot be used. Looking to the market, the study analyzed that debit & credit cards show strong volume growth. The research further analyzed that cash is still the most commonly used payment method for consumers and cash withdrawals have continued to rise in this market. While two-third say that they typically use credit and debit card online; and apps are narrowly preferred to web browser for payments. Due to this, payments space is constantly changing, but payment preferences are much slower to adjust
Moreover, the research adds that the payments market enters a new era of open innovation. Recent developments in the U.K. payment market includes: The ‘Open API’ era begins with Starling bank release, Samsung Pay launches in the U.K., EPA and PSD2 likely to stay put, despite Brexit, Mastercard’s acquisition of Vocalink gets approval and contactless ventures beyond cards and smartphones. In the UK, The Competition Markets Authority has mandated that the largest nine UK banks must adopt and maintain common API 3 standards through which they will share data with third parties, such as comparison sites.
The research further provides precise analysis on the attitudes towards payment methods, direct debits, mobile payment preferences, online purchasing behavior and online payment preference. Awareness and use of payment schemes in U.K. are also mentioned.
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