UK Mobile Payments Market Overview
Base Year: 2024
Historical Years: 2019-2024
Forecast Years: 2025-2033
Market Size in 2024: USD 2.65 Billion
Market Forecast in 2033: USD 14.4 Billion
Market Growth Rate: 20.67% (2025-2033)
The UK mobile payments market size was valued at USD 2.65 Billion in 2024 and expects the market to reach USD 14.4 Billion by 2033, exhibiting a growth rate (CAGR) of 20.67% during 2025-2033.
UK Mobile Payments Market Trends:
Rapid growth of the UK mobile payments market is attributed to the increasing proliferation of smartphones, changes in the trends toward more cashless transactions, and evolving consumer preferences toward convenience and security. Significant trends shaping this market include adoption of contactless payments, integration of sophisticated security features, and the growing popularity of mobile wallets. Consumers are increasingly adopting contactless payment methods as they are fast and easy to operate. In addition, integration of biometric authentication methods such as fingerprint scanning and facial recognition into mobile payment systems is now on the rise to achieve better security. This shift toward more secure and seamless payment solutions is being driven by both consumer demand for frictionless transactions and the need for businesses to remain competitive in a digital-first economy. Moreover, the increasing popularity of mobile wallets and the proliferation of apps such as Apple Pay, Google Pay, and Samsung Pay are also driving the adoption of mobile payments.
The UK mobile payments market is being driven by the rapid adoption of contactless payments, which has gained significant traction among UK consumers. According to industry reports, more than half of all card transactions in the UK are now made via contactless methods, and this trend has influenced mobile payments. The ability to pay via a smartphone offers convenience for both the consumer and the business alike, thus translating to its wide adoption. Increasing availability in both physical and virtual store spaces further support the acceptance of mobile payments. Another very significant growth driver for this industry is the persistent technological progress in mobile payment systems.Technological innovations like near field communication (NFC) are furthering the ability of mobile payment applications to process fast and secure transactions among devices. This makes it increasingly possible for consumers to purchase various products and services through the smart phone, thus ensuring easy payments while simultaneously providing the companies with efficient transaction systems.
According to Payment System Regulator, the use of digital and mobile wallets increased to 47% from only 14% of UK adults between 2017 and 2022. The increasing emphasis on security in mobile payments is also driving the growth of the market. Concerns regarding fraud and data breaches have fueled the integration of advanced security measures, such as biometrics and tokenization, to boost consumer confidence in mobile payments. Additionally, the advancement of open banking in the UK has helped popularize mobile payments and allowed consumers to make direct payments from their bank accounts through mobile apps. As financial institutions collaborate with tech companies to offer innovative solutions, mobile payments are becoming increasingly accessible to a wider range of consumers.
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UK Mobile Payments Industry Segmentation:
The report has segmented the market into the following categories:
Mode of Transaction Insights:
- WAP (Wireless Application Protocol)
- NFC (Near Field Communications)
- SMS (Short Message Service)
- USSD (Unstructured Supplementary Service Data)
- Others
Application Insights:
- Entertainment
- Energy and Utilities
- Healthcare
- Retail
- Hospitality and Transportation
- Others
Regional Insights:
- London
- South East
- North West
- East of England
- South West
- Scotland
- West Midlands
- Yorkshire and The Humber
- East Midlands
- Others
Competitor Landscape:
The report offers an in-depth examination of the competitive landscape. It includes a thorough competitive analysis encompassing market structure, key player positioning, leading strategies for success, a competitive dashboard, and a company evaluation quadrant.
Other key areas covered in the report:
- COVID-19 Impact on the Market
- Porter’s Five Forces Analysis
- Strategic Recommendations
- Market Dynamics
- Historical, Current and Future Market Trends
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain Analysis
- Comprehensive Mapping of the Competitive Landscape
- Top Winning Strategies
- Recent Industry News
- Key Technological Trends & Development
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