Published on : Nov 02, 2016
ALBANY, NY, Nov 02, 2016: The report discusses factors shaping consumer behavior at the macro level and sheds light on the competitive landscape keeping in mind the players’ products, revenue details, and market share in order to help current vendors – new and old – to strategize accordingly.
The payment landscape in the UK has seen a change in tandem with the rest of the world. With high smartphone penetration and tech-savvy users eager to lap up any new technology or app facilitating speedy transactions, new technologies have come up. Paym is one of them. Launched in 2014, it is a mobile payment service facilitated by banks and building societies in the U.K., where recipients are identified by their mobile phone number instead of bank details such as sort code and account number. Supported by Barclays, it has achieved wide popularity as a peer-to-peer (P2P) payment method on account of the extra security and speed that it provides.
E-commerce is widely popular in the island too, giving traditional brick-and-mortar stores, who have still not adopted an online platform for selling products, a run for their money. With an expanding smartphone user base, m-commerce is slated to beat e-commerce in popularity in the coming years. The report states m-commerce will expand at a CAGR of 11% between 2015 and 2020 as smartphone-toting consumers increasingly use them to shop.
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Overall, the consumer payments market in the U.K. comprises of online payments, card payments, peer-to-peer (P2P) payments, and newer technologies such as mobile wallets and contactless payment. The report scrutinizes all of them separately in terms of both usage and percentage of users. It also discusses the various merchant types and payment tools in the U.K. market. The report examines the regulations in the market and how they have evolved in the recent past. The U.K. regulatory environment, for example, has seen a major change recently with the dissolution of the Payments Council, the launch of a new Payment Systems Regulator, and the purchase of the formerly U.K. bank-owned infrastructure operator Vocal ink by MasterCard.
The report discusses how the changing regulatory environment is going to affect both incumbents and disruptors. Owing to the 2008 economic meltdown, the market for consumer payments has taken a hit in the U.K. and the emerging economies overtook it vis-à-vis growth rates. The increasing demand for cashless transactions, however, has still led to market growth. The report details the major products in the field and also crucial players.
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