Recent years have witnessed a significant growth of the European digital payments industry
BuyShares has found that the United Kingdom is expected to generate 25% of all digital payments in Europe.
The data forecasts the UK digital payments market is set to reach $164.4 billion value in 2020, almost $10 billion increase year-on-year.
The UK ranked as the country with the highest share of online payment users worldwide, with 81.8% of its citizens using online payments in 2019.
In 2017, the UK digital payments industry hit $120.4 billion transaction value, and e-commerce generated 90% of that value. By the end of 2019, this figure grew by 30% reaching $154.8 billion.
The report states that online payments in the country kept rising amid COVID-19 lockdown, with millions of people choosing online shopping instead of physical.
According to the study, mobile POS payments played a key role in that increase. For instance, the mobile segment of the British digital payments industry generated $30.9 billion in revenue in 2019.
Although, over the last year, the mobile POS payments grew by $14.8 billion, reaching $45.7 billion in 2020. Digital commerce payments, however, dropped by $5.3 billion, falling to $118.6 billion transaction value this year.
We’ve reported that borrowing significant sums of money from friends and family reduced by 40% throughout lockdown in the UK.