UK P2P Payments Forecast 2023

How Mobile Banking Apps and Digital Wallets Can Overcome Slow Growth

Report by David Morris  | UPDATED: Dec 20, 2023
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Executive Summary
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Table of Contents
Executive Summary
Lackluster mobile P2P payments growth calls for a new approach from providers.
P2P providers can blend convenience, security, and broader use cases to boost usage.
Sources
Media Gallery
About This Report
UK mobile P2P payments usage growth has a case of the doldrums—but bank and digital wallet providers can explore several options to give it a boost.
Topics
Mobile Payments
Financial Services
Mobile Banking
United Kingdom
Table of Contents
Executive Summary
Lackluster mobile P2P payments growth calls for a new approach from providers.
P2P providers can blend convenience, security, and broader use cases to boost usage.
Sources
Media Gallery

In 2023, 35.4% of UK adults will use mobile peer-to-peer (P2P) payments—and only incremental growth is expected through 2027. But mobile banking apps and digital wallets can pull several levers to jumpstart growth.

Key Question: How can UK mobile P2P providers drive consumer usage through 2027?

KEY STAT: UK mobile P2P payments need a boost: Annual user growth is expected to taper from 4.5% in 2023 to just 2.1% in 2027.

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Table of Contents

  1. Executive Summary
  2. Lackluster mobile P2P payments growth calls for a new approach from providers.
  1. P2P providers can blend convenience, security, and broader use cases to boost usage.
  2. Sources
  1. Media Gallery

Charts in This Report

Transfers Mobile Features of the Top 10 UK Financial InstitutionsUK Digital Wallet Usage, by Age, April 2022 (% of respondents in each group)

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First Published on Sep 20, 2023

authors

David Morris

Contributors

Eleni Digalaki
Principal Analyst
Chris Keating
Director, Research
Andrew Spink
Forecasting Analyst