Payment by card
- While overall card transactions declined comparing to 2019, the market share of transactions made by card has however increased in 2020 : over half (52%) of all payments. 9/10 card payments made in UK stores during 2020 (88.6%) were contactless, and the limit for contactless card payments is 100 pounds (€117) since October 2021.
Payment methods in United Kingdom – Payment by installment and BNPL
- The BNPL market size accounts for almost 11.35Bn€, the UK being the 4th largest market in the world with an estimated penetration of 5% of the total e-commerce turnover.
- With local actors such as:
- Divido
- Curve
- Openpay
- Payl8r
- Zilch
- Butter
- FlyNowPayLater
- DivideBuy
- Bundll
Payment by bank transfer
- During 2020 the number of remote banking payments processed via the Faster Payments Service increased by 21% to just under 3.0bn. And over 4 out of 10 business-to-business payments were made via remote banking services.
- With local actors such as:
- Bacs
- Volt
- Vyne
- Faster Payments
Payment by digital wallet and X-Pay
- 32% of the adult population (or 17.3m people) had registered for mobile or watch payments services in 2020, an increase of 7.4 million people (75%) compared with 2019.
- General and specialized retailers have also integrated payment into their mobile apps (by NFC or QR Code), with the aim of facilitating the shopping experience of their millions of customers… and to fight against the risks of dependence on schemes or X-Pay.As in other mature markets, there is a great diversity of e-wallet offers in the UK (X-Pay, e-commerce wallets, retailers, issuers, telecom operators, banks and neo-banks or even fintechs).
- With local actors such as:
- Neteller
- Skrill
- Sticpay
- Trilo
- Tesco
- Yoyo
Do payment methods in United Kingdom interest you?
Do you want more? Access to the #PayWorldTour library