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(Hosting-NewsWire.com, June 12, 2018 ) "Payments in the UK 2017: What Consumers Want", report examines the consumer payments market in the UK, considering payment cards, online payments, P2P payments, and newer payment technologies such as mobile wallets and contactless. The report also examines the main regulatory players overseeing the market.
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The UK payments market is highly mature-arguably even over-served by its financial institutions. There were more debit cards in issue than individuals in the UK in 2017 by a considerable margin. Access to formal financial services in the UK is easy and mostly free, leading to a population that is highly comfortable with credit and debit cards both in-store and online. Contactless card numbers and usage have also seen strong growth in the past few years, with the vast majority of contactless users in the UK seeing these cards as helpful. The e-commerce market is well developed and mature, with UK consumers ranking the highest in terms of e-commerce spend per capita in comparison to regional peers. However, despite the strength of electronic payments generally, there are some notable areas of weakness in the UK market-the mobile proximity payments market in particular is underdeveloped, and UK consumers are still heavy users of cash at the POS. Finally, the Brexit referendum result leaves the future of the UK payment market-in terms of economic strength as well as regulatory change-unclear.
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-In July 2017 the UK government announced the removal of surcharges on card payments, effective from January 13, 2018. Currently, surcharges are commonly levied by merchants in the UK to compensate for merchant service fees. Generally, a surcharge of 2-3% is added on transactions made using payment cards.
-The Contactless Transit Framework-a detailed implementation plan for the incorporation of contactless cards in public transport-was introduced in January 2016. Following this, the UK's five largest bus companies announced that they would introduce contactless ticketing by 2022, while Rail Delivery Group agreed to implement contactless ticketing from 2018.
-The UK payments industry has worked to support bank transfers through the development of Paym, which leverages the UK's Faster Payments infrastructure as well as a database that matches mobile numbers to bank details at user registration, enabling users to send money using only the recipient's mobile number.
It provides in-depth analysis of the following-
-Analyzes consumer attitudes to financial services by lifestage.
-Analyzes the major payment card types in terms of both card holding and usage.
-Identifies the major competitors in card issuing and how their position in the market has changed over the last five years.
-Considers consumer attitudes towards P2P tools, mobile payment tools, and contactless cards, and how companies in the UK are deploying these tools to meet customer needs.
-Explores the online payment market in the UK by merchant type and payment tool, as well as providing a five-year forecast for the development of the market.
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Reasons to buy:
-Understand the key facts and figures in the consumer payments market in the UK.
-Learn what trends drive consumer behavior at the macro level and plan your strategy accordingly.
-Find out what products the major competitors are launching in the market.
-Discover consumer sentiments towards various payment tools in the British market and use this knowledge to inform product design.
Lloyds Banking Group
Royal Bank of Scotland
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