UK Payment Cards Accounted for 17.6% of Europe’s Total Transaction Value in 2014

Date: 2015-09-16

“• The UK is Europe’s largest and most highly competitive industry for payment cards. It accounted for 17.6% of Europe’s total transaction value in 2014, and 20.3% of its transaction volume. The UK payment cards market is mature, with a high penetration of credit and debit cards. Following the financial crisis, banks and card issuers were forced to introduce bespoke product and service offerings in order to retain their market share.

• Consumers in the UK – especially the younger generation – are showing an inclination towards faster and more secure payment options. This has resulted in mobile operators, traditional and online retailers and other service providers introducing quick and efficient digital payment options. Consequently, payment cards are anticipated to lose share to alternative payment instruments over the forecast period (2015–2019).

• With the UK’s economy recovering from the crisis and employment opportunities gradually growing from 2013 onwards, consumers have started to use credit cards more frequently. However, consumers are using credit cards for low-value transactions at POS terminals as they look to benefit from low-rate long duration balance transfer facilities and reward programs.”

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