Spotlight

UK Mobile Payments

How Wallet Providers Can Turn Maturity Into Adoption

Report by Jaime Toplin  | Sep 1, 2022
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Table of Contents
Executive Summary
UK Mobile Payments in a Mature Market
UK Proximity Mobile Payments
UK Mobile P2P Payments
Read Next
Sources
Media Gallery
About This Report
With UK proximity mobile and peer-to-peer payments stagnating, providers in the market will be forced to focus on ways to resolve pain points, engage top user demographics, and facilitate growth around the margins.
Topics
Mobile Payments
Transfers
Mobile Banking
UK
Table of Contents
Executive Summary
UK Mobile Payments in a Mature Market
UK Proximity Mobile Payments
UK Mobile P2P Payments
Read Next
Sources
Media Gallery

Executive Summary

Entrenched habits and perception challenges have stalled UK mobile payment market growth. Shifting strategy toward engagement—while also seeking out new users at the margins—can drive expansion amid economic uncertainty.

Key Question: Faced with a saturated market, how can UK banks and wallet providers increase wallet engagement?

Proximity Mobile Payment Users in the UK, 2020-2026 (millions, % change, and % of smartphone users)
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KEY STAT: Just over a quarter of smartphone users in the UK have adopted proximity mobile payments, signaling broader stagnation in a market that needs to pivot toward driving engagement.

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Table of Contents

  1. Executive Summary
  2. UK Mobile Payments in a Mature Market
  3. UK Proximity Mobile Payments
  1. UK Mobile P2P Payments
  2. Read Next
  3. Sources
  1. Media Gallery

Charts in This Report

Proximity Mobile Payment Users in the UK, 2020-2026 (millions, % change, and % of smartphone users)Most Preferred Physical Payment Method According to UK Adults, March 2022 (% of respondents)
UK Digital Wallet Usage, by Age, April 2022 (% of respondents in each group)UK P2P Mobile Payment Users, 2020-2026 (millions, % change, and % of smartphone users)
Concerns About Data Theft According to Adults in Select Countries, Dec 2021 (% of respondents)

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authors

Jaime Toplin

Contributors

Daniel Decea
Researcher, Financial Services
Eleni Digalaki
Principal Analyst
Iwona Drapala
Senior Forecasting Analyst
Reuben Loewy
Director, Report Editing
David Morris
Principal Analyst