Payment Systems in the UK - Industry Market Research Report

Payment Systems in the UK - Industry Market Research Report

Payment Systems in the UK

The Payment Systems industry's revenue is slated to climb at a compound annual rate of 7.6% over the five years through 2023-24 to reach £8.9 billion. The increased use of card payments has been the driving force behind this growth – according to UK Finance, the volume of card payments made in the UK eclipsed those made with cash in 2017 and it's continued to swell since then. The rollout of contactless payments has given a big boost to credit and debit cards. Payment system providers have also been supported by the growing popularity of online shopping, with the rise of online retail giants like Amazon supporting spending on credit and debit cards. The COVID-19 pandemic accelerated the adoption of e-commerce, as lockdowns forced consumers and businesses alike to move online.

This industry is comprised of companies that operate payment network infrastructure in the UK. These networks allow authorised payment and e-money institutions to provide aggregated payment services to consumers. Networks include both debit and credit cards, bank transfers and ATM system infrastructure. The industry doesn't include the Clearing House Automated Payment System used for intrabank pound sterling transfers.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.