Market Data Forecast’s "UK Cards and Payments Market" report provides insight into various payment card market trends and growth opportunities in the UK along with the complete information about different types of cards in the market. It also offers an epitomized assessment of the competitors in the market, influential marketing strategies, customer purchase patterns, adopted payment methods in the e-commerce industry and significant government regulations associated with the UK cards and payments market. Our report unfolds many existing opportunities with reliable information about the different types of cash transactions, volumes of cardholders, market share, current accounts, growth in the number of cards, credit cards outstanding balances, transactional values, details of the issuers along with available banking schemes and futuristic analysis of overall cards and payment market in the UK.
UK Cards and Payments Market Highlights:
A deep insight into the total number of cards in circulation, the total number of transactions, average transactional values and other areas involving the use of payment cards. Most common application areas of both debit cards and credit cards.
Increased card-based payments from the start of 2016 across the public transport modes like taxis, where approximately 23000 taxis started accepting the contactless cards and other kinds of payment cards. The contactless cards transactional volume has increased from GBP 8 billion in 2015 to around GBP 25 billion in 2016.
No charge basic accounts are being provided to the people by many banks with the drawn agreements between the UK government and the banking sector. As of January 1, 2018, more than 4 million bank accounts were opened free of charge and the majority portion of that was accounted by two major banks, Lloyds and Nationwide.
Many top-notch banking institutes are providing contactless cards to customers and some digital banks are collaborating with card providers to fight in the market. Due to these factors, the transactions from contactless cards have exceeded 3 billion and the card payments crossed over GBP 40 as of January 2018.
Gaining popularity of prepaid cards among the low-value expense group and the adolescents. Including the gift and travel cards, there are many providers that offer the services of loading cards. For instance, the travel money card by Post Office is very helpful to people as it allows to load from GBP 50 to GBP 5000 and available in more than 12 currencies.
The growth of POS terminal installations that supports the contactless card payments aimed to cover the entire market by 2020. According to the UK Cards Association, the bank permitted POS terminals to account for close to 4,80,000 in January 2018, which is more than a 43% increase compared to the previous year.
UK Cards And Payments Market Key Players:
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