UK Digital Wallets 2024

As More Consumers Turn to Apple Pay, PayPal, and Other Players, How Should Retailers Respond?

Report by Carina Perkins  | Apr 30, 2024
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Report
Executive Summary
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Table of Contents
Executive Summary
Digital wallets are gaining share of UK retail spending
Digital wallets are the fastest-growing online payment method
Digital wallets are also gaining share of in-store payments
How can retailers leverage the growth in digital wallets?
Sources
Media Gallery
About This Report
Digital wallets are gaining share of retail transactions in the UK. Retailers that don’t accept them risk losing sales.
Topics
Ecommerce Sales
UK
Table of Contents
Executive Summary
Digital wallets are gaining share of UK retail spending
Digital wallets are the fastest-growing online payment method
Digital wallets are also gaining share of in-store payments
How can retailers leverage the growth in digital wallets?
Sources
Media Gallery

Digital wallets are gaining share of retail transactions in the UK as consumers seek secure and frictionless payment options, both in-store and online. Retailers that don’t offer digital options risk losing sales.

Key Question: Why should UK retailers respond to the surge in digital wallet adoption?

PayPal and Apple Pay Are the Top Digital Wallets for Ecommerce Transactions in the UK
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Key Stat: More than half (53%) of UK consumers have recently purchased products online using PayPal, and 30% have used Apple Pay.

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Table of Contents

  1. Executive Summary
  2. Digital wallets are gaining share of UK retail spending
  3. Digital wallets are the fastest-growing online payment method
  1. Digital wallets are also gaining share of in-store payments
  2. How can retailers leverage the growth in digital wallets?
  3. Sources
  1. Media Gallery

Charts in This Report

PayPal and Apple Pay Are the Top Digital Wallets for Ecommerce Transactions in the UK Digital Wallets Are Gaining Share of UK Spending, While Use of Plastic Cards and Cash Is Declining
Digital Wallets are Valued Most Because They Make It Easier and Quicker to Pay Online or In-StoreBy 2027, Half of All Ecommerce Payments in the UK Will Be Made via a Digital Wallet
Adoption of Mobile Wallets for In-Store Point-of-Sale Payments Is Rising in the UK (millions of UK proximity mobile payment users, % change, and % of mobile phone users, 2022-2027)ApplePay is the Most Popular Digital Wallet for In-Store Payments in the UK

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authors

Carina Perkins

Contributors

Suzy Davidkhanian
Principal Analyst, Retail & Ecommerce
David Morris
Principal Analyst
Amy Rotondo
Director, US Research