UK Contactless Payment Market

Orion Market Research
UK Contactless Payment Market: Industry Growth, Size,
Share and Forecast 2019-2025
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Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
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UK contactless payment market is anticipated to grow at a CAGR 15.0% during the forecast period. UK
contactless payment market has held the major market share due to high adoption and awareness. Due to
modernization trend, adoption is also growing in UK at a high rate. UK is leading the market with the value of
$460 million in 2018 and is estimated to reach about $1.2billion till 2025. UK is one of those countries which is
rapidly transforming from conventional to contactless payment methods and digital technology is emerging as
one of the supporting pillars for rapid transformation of financial services.
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According to UK Finance department, 7 out of every 10 account holders use online banking. Cash payments are
continuously decreasing with the evolution of advanced technology in the financial sector. Approximately 62%
of the total payments in 2006 were made through cash which has reduced to 40% in the year 2016 and in 2026,
the number is estimated to decrease to 21%. With the increasing digital payments, financial institutions are
trying to enhance security and handling of payment operations with the support of advanced technology.
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Cashless payments are being made safer with the use of NFC technology. NFC technology-based payment cards
are being integrated into shopping stores, product and service outlets, BFSI institutions, and others. The
cashless mobile payments are being facilitated by using apps installed in smartphones. Currently available
cashless mobile payment platforms in the UK include Amex Pay, Apple Pay, Barclays Contactless Mobile, Google
Pay, and Samsung Pay. Moreover, digital payments are continuously growing in the country making it
vulnerable to cyber-attacks. According to Faster Payment Organization based in UK, in October 2017, UK has
reported 152.6 million digital transactions and from October 2017 to September 2018, the country has recorded
1.9 billion numbers of digital transactions.
UK Contactless Payment Market Segmentation
By Device
Smartphones
Smart Cards
Point of Sale Terminals
Other
By End-User
Retail
BFSI

Transportation
Others
Company Profiles
Gemalto NV
GIESECKE+DEVRIENT GMBH
IBM Corp.
INFINEON TECHNOLOGIES AG
Ingenico Group SA
Prepay solutions
Thales Group
VERIFONE SYSTEMS, INC
VISA, INC
Wirecard AG
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Company Name: Orion Market Research
Contact Person: Mr. Anurag Tiwari
Email: info@omrglobal.com
Contact no: +1 646-755-7667, +91 780-304-0404