United Kingdom Statistical Report 2024

INTRODUCTION

The United Kingdom is a unitary state under a constitutional monarchy and a parliamentary democracy. The UK joined the European Union (known as the European Economic Community) in 1973, but did not join the euro zone. Following the Brexit referendum of June 2016, the UK formally left the EU on 31 January 2020, with the transition period ending on 31 December 2020, resulting in the UK leaving the EU single market and customs union.

The UK’s payment landscape is very different to just a few years ago. Following the COVID-19 pandemic, 2022 saw a continued shift towards contactless, online, and mobile wallet channels, largely at the expense of cash payments. 

The introduction of Faster Payments will likely drive much greater levels of digital account-to-account payments, in tandem services like Open Banking being welcomed by consumers.

The adoption of the revised Payment Services Directive, PSD2, and disruptive technologies have set the stage for digital payments for the digital economy in the UK. They have accelerated digital payment transformation and mobile payment services, as well as cardless IBAN-based payments directly from bank accounts. 

In the last decade, UK consumers have embraced mobile devices such as tablets, smartphones and Internet of Things (IoT). This change significantly impacts their shopping experience. Consumers have become increasingly connected and they have started to purchase anywhere, at any time, from any device. 

In addition, new consumer demands are a game changer. UK consumers like digital banking apps with access to all their accounts at different banks in one single app, with the option to make payments directly from their bank account of choice. Additionally, they appreciate more banking services and payment services added to their mobile banking app. Consumer adoption of digital payments in the UK is driven by minimal cost, secure payments and a high level of user convenience. 

STATISTICAL KEY FIGURES FOR 2023/24 PROVIDED IN THIS PROFILE:

NEW IN 2024:

• THE FULL IMPACT OF COVID-19 ON DIGITAL PAYMENTS, CARD PAYMENTS, E-COMMERCE AND M-COMMERCE BY MARKET.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.
  
• READER-FRIENDLY DESIGN WITH ENHANCED DATA VISUALISATION.
  
• INDUSTRY DEVELOPMENTS AND BANK DEPLOYMENTS OF EID, BIOMETRICS AND AI.
  
• THE INTEGRATION OF DIGITAL CHALLENGERS AND NEOBANKS INTO THE BANKING INFRASTRUCTURE.

UPDATES FOR 2023-24:

• UPDATED – BANK M&A, RESTRUCTURING AND MARKET POSITIONING.
• CUSTOMER NUMBER KPIS AND ADOPTION OF DIGITAL CHANNEL KPIS.
  
• REAL-TIME PAYMENTS INFRASTRUCTURE AND GROWTH STATISTICS BY MARKET.
  
• OPEN BANKING INFRASTRUCTURE, API ROLL-OUT, KEY PLAYERS AND KEY INITIATIVES BY MARKET.
  
• CONTACTLESS AND MOBILE PAYMENTS STATISTICS BY MARKET.
  
• CRYPTOCURRENCY, STABLECOIN AND CBDC INITIATIVES BY MARKET.
  
• FULL UPDATE ON BANK CHANNEL DIGITISATION BY MARKET.
  
• FORECASTING COLUMN ADDED FOR ALL THE MAJOR TABLES.

PRODUCT INFORMATION

Digital product provided in PDF format. You will receive a download link to a zip file containing your files after checkout. 

VERSION

Version 1.1 - last updated 09/05/2024