United Kingdom (UK) Cards and Payments - Opportunities and Risks to 2024

United Kingdom (UK) Cards and Payments - Opportunities and Risks to 2024

Summary

GlobalData’s 'United Kingdom (UK) Cards and Payments - Opportunities and Risks to 2024' report provides detailed analysis of market trends in the UK’s cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cards, cash, credit transfers, direct debits, and cheques during the review-period (2016-20e).

The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2020e-24f). It also offers information on the country's competitive landscape, including market shares of issuers and schemes.

The report brings together GlobalData’s research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.

This report provides top-level market analysis, information and insights into the UK's cards and payments industry, including -

  • Current and forecast values for each market in the UK’s cards and payments industry, including debit and credit cards.
  • Detailed insights into payment instruments including cards, cash, credit transfers, direct debits, and cheques. It also, includes an overview of the country's key alternative payment instruments.
  • E-commerce market analysis .
  • Analysis of various market drivers and regulations governing the UK’s cards and payments industry.
  • Detailed analysis of strategies adopted by banks and other institutions to market debit, credit and charge cards.
Scope
  • To enhance competition and innovation in the banking and payments space, open banking was rolled out by the Open Banking Implementation Entity (OBIE) in January 2018. The service allows banks’ customers to give other companies permission to securely access their accounts. Customers can also access a range of services from different types of companies regulated by the Financial Conduct Authority (FCA). The service covers personal and business current accounts, credit cards, and online e-money accounts. OBIE is an entity created by the UK’s nine largest personal and small business current account providers, collectively known as CMA9: Barclays, Lloyds Banking Group, Santander, Danske Bank, HSBC, RBS, Bank of Ireland, Nationwide, and AIB Group. As of November 2020 there were 289 regulated open banking providers: 211 are third-party providers and 78 are account providers, which includes banks, building societies, and payment companies (also known as account servicing payment service providers).
  • The proliferation of digital-only banks has helped drive competition in the banking space, thus helping to boost debit card holding. Atom Bank was the first such bank, and its digital-only business model is also used by the likes of Starling Bank and Monzo. Monzo was launched in September 2016. As of December 24, 2020 it had 4.87 million customers. Netherlands-based challenger bank bunq launched in the UK in October 2019, while US-based JPMorgan Chase intends to launch a digital-only bank in the UK in the first quarter of 2021.
  • Retail payments authority Pay.UK launched the Request to Pay messaging service framework on May 29, 2020, enabling businesses and individuals to settle bills. The new framework comprises message standards, rules, as well as terms and conditions of Request to Pay services. The framework is designed to enable payment service providers to develop interoperable solutions. Companies can utilize the new framework to create Request to Pay propositions. This helps billers request payments for a bill instead of sending conventional invoices. Against each payment request, the payer can opt to pay part, the full amount, seek more time, decline a payment, or communicate with the requester. The service does not affect commercial arrangements between biller and payer - it simply carries the request message, including details of how to pay it.
Reasons to Buy
  • Make strategic business decisions, using top-level historic and forecast market data, related to the UK’s cards and payments industry and each market within it.
  • Understand the key market trends and growth opportunities in the UK’s cards and payments industry.
  • Assess the competitive dynamics in the UK’s cards and payments industry.
  • Gain insights into marketing strategies used for various card types in the UK.
  • Gain insights into key regulations governing the UK’s cards and payments industry.


  • Market Overview
    • Table UK: key facts, 2020e
    • Table Regional benchmarking of payment cards, 2020e
  • Payment Instruments
    • Instant Payments
  • Card-based Payments
    • Payment Cards: Market Sizing & Forecasting
    • Payment Cards: Market by Product & Service Type
    • Debit Cards: Market Sizing & Forecasting
    • Debit Cards: Schemes
    • Debit Cards: Issuers
    • Credit & Charge Cards: Market Sizing & Forecasting
    • Credit & Charge Cards: Schemes
    • Credit & Charge Cards: Issuers
    • Credit Card Debt
    • Prepaid Cards: Market Sizing & Forecasting
    • Contactless Cards: Card Holding
  • Merchant Acquiring
    • Acquiring & Processing
    • Retail: Market Sizing & Forecasting
  • E-commerce Payments
    • E-commerce: Market Sizing & Forecasting
    • E-commerce: Market by Products & Services
    • E-commerce: Market by Payment Tool
  • Buy Now Pay Later
  • Mobile Proximity Payments
  • P2P Payments
  • Bill Payments
  • Alternative Payments
    • Alternative Payments: Payment Solutions
  • Job Analysis
  • Payment Innovations
  • Payment Infrastructure & Regulation
    • POS Terminals & ATMs
    • Regulatory Environment
  • Appendix
    • Table UK: payment instrument transaction values (£bn), 2016-24f
    • Table UK: payment instrument transaction values ($bn), 2016-24f
    • Table UK: payment instrument transaction volumes (millions), 2016-24f
    • Table UK: payment cards in circulation by type (millions), 2016-24f
    • Table UK: volume of payment card transactions (millions), 2016-24f
    • Table UK: value of payment card transactions (£bn), 2016-24f
    • Table UK: value of payment card transactions ($bn), 2016-24f
    • Table UK: debit cards in circulation (millions), 2016-24f
    • Table UK: debit card transaction volumes, 2016-24f
    • Table UK: debit card transaction values (£), 2016-24f
    • Table UK: debit card transaction values ($), 2016-24f
    • Table UK: debit cards in circulation by scheme (millions), 2016-20e
    • Table UK: debit card transaction values by scheme (£bn), 2016-20e
    • Table UK: debit card transaction values by scheme ($bn), 2016-20e
    • Table UK: debit cards in circulation by issuer (millions), 2016-20e
    • Table UK: debit card transaction values by issuer (£bn), 2016-20e
    • Table UK: debit card transaction values by issuer ($bn), 2016-20e
    • Table UK: credit and charge cards in circulation (millions), 2016-24f
    • Table UK: credit and charge card transaction volumes, 2016-24f
    • Table UK: credit and charge card transaction values (£), 2016-24f
    • Table UK: credit and charge card transaction values ($), 2016-24f
    • Table UK: credit and charge cards in circulation by scheme (millions), 2016-20e
    • Table UK: credit and charge card transaction values by scheme (£bn), 2016-20e
    • Table UK: credit and charge card transaction values by scheme ($bn), 2016-20e
    • Table UK: credit and charge cards in circulation by issuer (millions), 2016-20e
    • Table UK: credit and charge card transaction values by issuer (£bn), 2016-20e
    • Table UK: credit and charge card transaction values by issuer ($bn), 2016-20e
    • Table UK: credit cards in circulation (millions), 2016-24f
    • Table UK: credit card transaction volumes, 2016-24f
    • Table UK: credit card transaction values (£), 2016-24f
    • Table UK: credit card transaction values ($), 2016-24f
    • Table UK: credit cards in circulation by scheme (millions), 2016-20e
    • Table UK: credit card transaction values by scheme (£bn), 2016-20e
    • Table UK: credit card transaction values by scheme ($bn), 2016-20e
    • Table UK: charge cards in circulation (millions), 2016-24f
    • Table UK: charge card transaction volumes, 2016-24f
    • Table UK: charge card transaction values (£), 2016-24f
    • Table UK: charge card transaction values ($), 2016-24f
    • Table UK: charge cards in circulation by scheme (000s), 2016-20e
    • Table UK: charge card transaction values by scheme (£bn), 2016-20e
    • Table UK: charge card transaction values by scheme ($bn), 2016-20e
    • Table UK: prepaid cards in circulation (millions), 2016-24f
    • Table UK: prepaid card transaction values (£bn), 2016-24f
    • Table UK: prepaid card transaction values ($bn), 2016-24f
    • Table UK: merchant acquiring transaction volumes (billions), 2016-24f
    • Table UK: merchant acquiring transaction values (£bn), 2016-24f
    • Table UK: merchant acquiring transaction values ($bn), 2016-24f
    • Table UK: acquirers' transaction volumes (millions), 2016-24f
    • Table UK: acquirers' transaction values (£bn), 2016-24f
    • Table UK: acquirers' transaction values ($bn), 2016-20e
    • Table UK: retail outlets and card-accepting merchants (millions), 2016-24f
    • Table UK: debit card average interchange fees (%), 2016-20e
    • Table UK: credit and charge card average interchange fees (%), 2016-20e
    • Table UK: debit card merchant service charge and interchange fee (%), 2016-24f
    • Table UK: credit and charge card merchant service charge and interchange fee (%), 2016-24f
    • Table UK: retail market by product categories (£bn), 2016-23f
    • Table UK: retail market by product categories ($bn), 2016-23f
    • Table UK: retail market by service categories (£bn), 2014-18
    • Table UK: retail market by service categories ($bn), 2014-18

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