The United Kingdom Payment Market size is estimated at USD 490.77 billion in 2024, and is expected to reach USD 849.64 billion by 2029, growing at a CAGR of 11.60% during the forecast period (2024-2029).
The payment services in the United Kingdom are rapidly shifting towards adopting digital payment applications, such as Paypal, Samsung Pay, Mastercard, American Express, and Shopify, to accept and transfer payments. With factors like increasing internet penetration and rapid growth fy, to accept and transfer payments. With factors like increasing internet penetration and rapid growth in online retailing, this trend is expected to continue over the forecast period.
The United Kingdom payments market appears to be consolidated owing to the few of the players holding significant share in the market. Major players in the United Kingdom payments market are adopting acquisitions and partnerships to expand their reach to more regional consumers. Some major payment market companies are Paypal, Stripe, Amazon Pay, Mastercard Inc., and Sage Pay.
In October 2023, the Financial super app Curve, which consolidates users’ credit and debit cards into one card and app, launched its first-ever credit card in the United Kingdom. The newly launched credit card has all the features of Curve, supercharged with greater flexibility and security. Customers can link their existing cards to a digital Curve Wallet, and whichever card they select in the app is charged when they use their credit card to pay.
In July 2023, Klarna, the AI-powered global payments network, collaborated with British department store Liberty to offer its interest-free payment options. The collaboration will enable Liberty’s customers to shop smarter with Klarna’s interest-free payment options and manage their spending through the Klarna app.
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