Merchant payments in the United Kingdom have witnessed a significant evolution, driven by the need for seamless and convenient transaction experiences. As businesses strive to meet the expectations of their customers, it is crucial to stay abreast of the latest trends, leverage key statistics, and make informed decisions.
In this blog post, we will delve into the evolution of merchant payments in the UK, and present relevant statistics that shed light on the current state of this dynamic industry.
Contactless Payments
The UK has seen a rapid increase in contactless payments, with the value expected to reach £1.6 trillion by 2024, boasting a compound annual growth rate (CAGR) of 13.5% from 2019 to 2024.
This growth is attributed to the widespread use of tap-and-go payments, enabled by technologies such as NFC and mobile wallets.
E-commerce Payments
The boom in e-commerce has reshaped the UK’s merchant payment landscape. Online retail sales are predicted to surpass £200 billion by 2024, highlighting the importance of secure and efficient digital payment solutions. Secured payment gateways play a crucial role in enabling seamless transactions and fostering customer trust.
Mobile Payments
The UK’s mobile payment market is revolutionizing business operations and customer transactions. With a projected value of £573 billion by 2025, the market’s growth is fuelled by the ubiquity of smartphones and the convenience of mobile payments. In-app payments have also gained traction, accounting for a significant share of total mobile transactions.
Conclusion
The landscape of merchant payments in the UK has undergone a remarkable transformation, keeping pace with technological innovations and shifting consumer preferences. This blog post emphasizes the increasing prominence of contactless payments, the remarkable rise in e-commerce transactions, and the burgeoning popularity of mobile payment solutions within the UK market. As a leader in payment solutions, Fidelity Group provides an all-encompassing range of services that allow businesses to optimize transactions and create unparalleled customer experiences. By concentrating on contactless and mobile payments, robust security protocols, efficient checkout procedures, data-driven intelligence, and exceptional customer assistance, Fidelity Group enables merchants to thrive in this dynamic environment.
