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United Kingdom Check Cashing Services Market

United Kingdom Check Cashing Services Market Size, Share: By Type: Pre-printed Checks, Payroll Checks, Government Checks, Tax Checks, Others; By Service Provider: Credit Unions, Banks, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032

United Kingdom Check Cashing Services Market Size

The United Kingdom check cashing services market is projected to grow at a CAGR of 4.2% between 2024 and 2032.

 

United Kingdom Check Cashing Services Market Report Summary Description Value
Base Year USD Million 2023
Historical period USD Million 2018-2023
Forecast Period USD Million 2024-2032
Market Size 2023 USD Million XX
Market Size 2032 USD Million XX
CAGR 2018-2023 Percentage XX%
CAGR 2024-2032 Percentage 4.2%
CAGR 2024-2032 - Market by Region Scotland 4.6%
CAGR 2024-2032 - Market by Region England 4.0%
CAGR 2024-2032 - Market by Type Government Checks 4.7%
CAGR 2024-2032 - Market by Service Provider Credit Unions 4.7%
Market Share by Region England 86.2%

 

United Kingdom Check Cashing Services Market Outlook

  • As per an article in the Bank of England, the banking sector of the UK could account for 950 per cent of the GDP by 2050, creating lucrative opportunities for check cashing applications.
  • According to UK Finance, around 22 million people in the UK relied on cash once or less than once a month in 2022, providing a steady market for checks.
  • As per the industry reports, in 2022, 44 per cent of people with current accounts and 78 per cent of businesses issue at least one check annually in the region.

 

United Kingdom Check Cashing Services Market Growth

The growing demand for financial services, a rise in payroll and government checks and a burgeoning need for rapid financial transactions are some of the major driving factors in the market. A large number of customers in the UK seek immediate access to their funds and check cashing services meet this demand by providing instant cash without the typical waiting period associated with bank deposits.

 

Furthermore, the region is also home to a large number of economic migrants such as temporary labourers and immigrants, who frequently use alternative financial services, such as check cashing to handle their finances in the absence of a traditional bank account.  Several check cashing services are further expanding their offerings to encompass additional financial options such as money transfers, payday loans, and bill payments to offer a one-stop financial hub for their clientele.

 

United Kingdom Check Cashing Services Market

 

United Kingdom Check Cashing Services Industry Segmentation

“United Kingdom Check Cashing Services Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

 

CAGR 2024-2032 - Market by Type
Government Checks 4.7%
Pre-printed Checks 4.0%
Payroll Checks XX%
Tax Checks XX%
Others XX%

 

Market Breakup by Type

  • Pre-printed Checks
  • Payroll Checks
  • Government Checks
  • Tax Checks
  • Others

 

CAGR 2024-2032 - Market by Service Provider
Credit Unions 4.7%
Banks 4.0%
Others XX%

 

Market Breakup by Service Provider

  • Credit Unions
  • Banks
  • Others

 

CAGR 2024-2032 - Market by Region
Scotland 4.6%
England 4.0%
Wales XX%
Northern Ireland XX%

 

Market Breakup by Region

  • England
  • Wales
  • Scotland
  • Northern Ireland

 

United Kingdom Check Cashing Services Market Share

Based on service provider, the market is divided into credit unions, and banks, among others. Over the forecast period, banks are expected to witness a CAGR of 4.0% between 2024-2032 as banks are widely spread across the UK, with many branches and ATMs, making it easy for customers to cash checks at these locations. Moreover, the high public trust in banks to offer secure financial transactions along with the growing number of customers with bank accounts finding it convenient to cash checks where they do their other banking activities, boost the segment growth. Meanwhile, credit unions are expected to witness a CAGR of 4.7% between 2024-2032 due to their flexible nature.

 

Market Share by Region
England 86.2%
Wales XX%
Scotland XX%
Northern Ireland XX%

Leading Companies in the United Kingdom Check Cashing Services Market

The market players are readily offering online check cashing services to reduce visits to physical branches.

 

  • Harvey and Thompson Limited
  • Cash Shop Limited
  • Cash Monkey
  • Advancing Limited
  • Cash Gen UK Limited
  • Money Station
  • European Change Consulting Limited
  • Others

 

Key Highlights of the Report

REPORT FEATURES DETAILS
Base Year 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Scope of the Report

Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:

  • Type
  • Service Provider
  • Region
Breakup by Type
  • Pre-printed Checks
  • Payroll Checks
  • Government Checks
  • Tax Checks
  • Others
Breakup by Service Provider
  • Credit Unions
  • Banks
  • Others
Breakup by Region
  • England
  • Wales
  • Scotland
  • Northern Ireland
Market Dynamics
  • SWOT Analysis
  • Porter's Five Forces Analysis
  • Key Indicators for Demand
  • Key Indicators for Price
Competitive Landscape
  • Market Structure
  • Company Profiles
    • Company Overview
    • Product Portfolio
    • Demographic Reach and Achievements
    • Certifications
Companies Covered
  • Harvey and Thompson Limited
  • Cash Shop Limited
  • Cash Monkey
  • Advancing Limited
  • Cash Gen UK Limited
  • Money Station
  • European Change Consulting Limited
  • Others

 

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  • Beta
Beta feature

*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.

1    Preface
2    Report Coverage – Key Segmentation and Scope
3    Report Description

    3.1    Market Definition and Outlook
    3.2    Properties and Applications
    3.3    Market Analysis
    3.4    Key Players
4    Key Assumptions
5    Executive Summary

    5.1    Overview
    5.2    Key Drivers    
    5.3    Key Developments
    5.4    Competitive Structure
    5.5    Key Industrial Trends
6    Market Snapshot
7    Opportunities and Challenges in the Market
8    Europe Check Cashing Services Market Overview

    8.1    Key Industry Highlights
    8.2    Europe Check Cashing Services Historical Market (2018-2023) 
    8.3    Europe Check Cashing Services Market Forecast (2024-2032)
9    United Kingdom Check Cashing Services Market Overview
    9.1    Key Industry Highlights
    9.2    United Kingdom Check Cashing Services Historical Market (2018-2023) 
    9.3    United Kingdom Check Cashing Services Market Forecast (2024-2032)
10    United Kingdom Check Cashing Services Market by Type
    10.1    Pre-printed Checks
        10.1.1    Historical Trend (2018-2023)
        10.1.2    Forecast Trend (2024-2032)
    10.2    Payroll Checks
        10.2.1    Historical Trend (2018-2023)
        10.2.2    Forecast Trend (2024-2032)
    10.3    Government Checks
        10.3.1    Historical Trend (2018-2023)
        10.3.2    Forecast Trend (2024-2032)
    10.4    Tax Checks
        10.4.1    Historical Trend (2018-2023)
        10.4.2    Forecast Trend (2024-2032)
    10.5    Others
11    United Kingdom Check Cashing Services Market by Service Provider
    11.1    Credit Unions
        11.1.1    Historical Trend (2018-2023)
        11.1.2    Forecast Trend (2024-2032)
    11.2    Banks
        11.2.1    Historical Trend (2018-2023)
        11.2.2    Forecast Trend (2024-2032)
    11.3    Others
12    United Kingdom Check Cashing Services Market by Region
    12.1    England
        12.1.1    Historical Trend (2018-2023)
        12.1.2    Forecast Trend (2024-2032)
    12.2    Wales
        12.2.1    Historical Trend (2018-2023)
        12.2.2    Forecast Trend (2024-2032)
    12.3    Scotland
        12.3.1    Historical Trend (2018-2023)
        12.3.2    Forecast Trend (2024-2032)
    12.4    Northern Ireland
        12.4.1    Historical Trend (2018-2023)
        12.4.2    Forecast Trend (2024-2032)
13    Market Dynamics
    13.1    SWOT Analysis
        13.1.1    Strengths
        13.1.2    Weaknesses
        13.1.3    Opportunities
        13.1.4    Threats
    13.2    Porter’s Five Forces Analysis
        13.2.1    Supplier’s Power
        13.2.2    Buyer’s Power
        13.2.3    Threat of New Entrants
        13.2.4    Degree of Rivalry
        13.2.5    Threat of Substitutes
    13.3    Key Indicators of Demand
    13.4    Key Indicators of Price
14    Competitive Landscape
    14.1    Market Structure
    14.2    Company Profiles
        14.2.1    Harvey and Thompson Limited  
            14.2.1.1    Company Overview
            14.2.1.2    Product Portfolio
            14.2.1.3    Demographic Reach and Achievements
            14.2.1.4    Certifications
        14.2.2    Cash Shop Limited 
            14.2.2.1    Company Overview
            14.2.2.2    Product Portfolio
            14.2.2.3    Demographic Reach and Achievements
            14.2.2.4    Certifications
        14.2.3    Cash Monkey 
            14.2.3.1    Company Overview
            14.2.3.2    Product Portfolio
            14.2.3.3    Demographic Reach and Achievements
            14.2.3.4    Certifications
        14.2.4    Advancing Limited 
            14.2.4.1    Company Overview
            14.2.4.2    Product Portfolio
            14.2.4.3    Demographic Reach and Achievements
            14.2.4.4    Certifications
        14.2.5    Cash Gen UK Limited 
            14.2.5.1    Company Overview
            14.2.5.2    Product Portfolio
            14.2.5.3    Demographic Reach and Achievements
            14.2.5.4    Certifications
        14.2.6    Money Station 
            14.2.6.1    Company Overview
            14.2.6.2    Product Portfolio
            14.2.6.3    Demographic Reach and Achievements
            14.2.6.4    Certifications
        14.2.7    European Change Consulting Limited  
            14.2.7.1    Company Overview
            14.2.7.2    Product Portfolio
            14.2.7.3    Demographic Reach and Achievements
            14.2.7.4    Certifications
        14.2.8    Others
15    Key Trends and Developments in the Market

 

List of Key Figures and Tables

1.    Europe Check Cashing Services Market: Key Industry Highlights, 2018 and 2032
2.    United Kingdom Check Cashing Services Market: Key Industry Highlights, 2018 and 2032
3.    United Kingdom Check Cashing Services Historical Market: Breakup by Type (USD Million), 2018-2023
4.    United Kingdom Check Cashing Services Market Forecast: Breakup by Type (USD Million), 2024-2032
5.    United Kingdom Check Cashing Services Historical Market: Breakup by Service Provider (USD Million), 2018-2023
6.    United Kingdom Check Cashing Services Market Forecast: Breakup by Service Provider (USD Million), 2024-2032
7.    United Kingdom Check Cashing Services Historical Market: Breakup by Region (USD Million), 2018-2023
8.    United Kingdom Check Cashing Services Market Forecast: Breakup by Region (USD Million), 2024-2032
9.    United Kingdom Check Cashing Services Market Structure

Key Questions Answered in the Report

The market is estimated to grow at a CAGR of 4.2% between 2024 and 2032.

The market is being driven due to growing demand for financial services, a rise in payroll and government checks and a burgeoning need for rapid financial transactions.

The key trends aiding the market include the rise of economic migrants, diversification of services, and growing demand for enhancing customer services.

Regions considered in the market are England, Wales, Scotland, and Northern Ireland.

Based on type, market segmentations include pre-printed checks, payroll checks, government checks, and tax checks, among others.

Different service providers are credit unions and banks, among others.

The major players in the market are Harvey and Thompson Limited, Cash Shop Limited, Cash Monkey, Advancing Limited, Cash Gen UK Limited, Money Station, and European Change Consulting Limited, among others.

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