Payment Service Providers in the UK - Industry Market Research Report

Payment Service Providers in the UK - Industry Market Research Report

Payment Service Providers in the UK

The Payment Service Providers industry's revenue is expected to expand at a compound annual rate of 2.8% over the five years through 2023-24. The rise of e-commerce has driven revenue growth, as payment service providers don't have to compete with cash or invest in physical point-of-service systems. The pandemic accelerated the growing adoption of online shopping. While physical retail has recovered some market share, it remains below pre-pandemic levels. The proportion of payments made by card in the UK has steadily grown, with card payments becoming the dominant form of payment in the UK in 2017, supporting payment service providers' revenue.

The Payment Service Providers industry comprises authorised payment and e-money institutions that provide systems for accepting electronic payments, including credit and debit cards, bank transfers and other real-time money transfers. The industry does not include payment network firms or firms facilitating payments through cryptocurrencies.

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."