UK Consumer Payment Preferences Market Report 2022
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The UK Consumer Payment Preferences report identifies attitudes towards consumers payment methods, different transactions, and payment innovations in the UK. This market report covers the market size, market forecast, market segmentation and industry trends for the Consumer Payment Preferences market in the UK.
While cryptocurrency predominantly remains a niche investment product in the UK, payment products are set to bring bitcoin payments to a wider audience. However, it will take considerable time for cryptocurrency to become a viable payment method for many due to the unfamiliarity of the product and price volatility of the tokens.
The high levels of inflation and surging energy prices are likely to lead to many households cutting back on non-essential spending. For the payments market there will be an emphasis on tools to track spending and this could promote digital methods over cash. With uncertainty over rising bills, clear communication on new prices will be required from energy providers to avoid households switching away from direct debits and towards card payments, avoiding expected large sums being removed from their accounts.
Cash continues to play an important role in the payments market and will do for some time to come. However, its decline is set to continue as the convenience, speed and expenditure-tracking benefits of digital payments continue to capture a larger part of the market. The increase to the contactless limit will see contactless card transactions continue to account for the majority of card purchasing moving forwards.
The shift towards digital payment methods provides strong opportunities for NFC-enabled devices that can offer mobile payments. The rising use of smartwatches will promote mobile wallets such as Apple Pay and Google Pay, with the latter set to become integrated into future Fitbit smartwatches. Smart jewellery such as payment rings will also offer convenient payment innovation, with devices such as RingPay not requiring charging.
Read on to discover more details or take a look at all of our UK Financial market research.
Payment Types: Cash, debit card, credit card, charge card, Buy Now Pay Later (BNPL), digital wallets, bank transfers.
Brands: Klarna, Clearpay, PayPal, Apple Pay, Google Pay, BottlePay, Cash App, Revolut, HSBC, TreeCard, Santander, Amazon, Monzo, Keebo, Sainsbury’s, Block, MoonPay, Mastercard, Zumo,
This report, written by Adrian Reynolds, a leading analyst in the Financial sector, delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
Contactless card payments have accelerated due to the pandemic and the increase in transaction limits. Despite cash usage declining significantly, it will continue to play an important role for the foreseeable future with consumers prioritising familiarity. For younger consumers, speed is the key consideration for payments and there is more appetite to learn about innovations including QR payments and cryptocurrency.
Adrian Reynolds
Senior Analyst – Financial Services
Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.
Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.
Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
*databooks not available with UK B2B Industry reports.
Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.