The United Kingdom payment market size is projected to grow at a CAGR of 7.80% between 2025 and 2034. The rising payments through credit and debit cards, coupled with the rising trend of buy now pay later (BNPL), are aiding the market growth.
Base Year
Historical Period
Forecast Period
The United Kingdom boasts a mature cards, banking, and digital wallet environment as well as a developed regulatory financial environment.
Cash payments have witnessed a significant decline in the UK, and customers in the country use debit cards as twice much as cash.
Advancements in payment technologies and artificial intelligence (AI) are revolutionising the United Kingdom payment market landscape.
Compound Annual Growth Rate
7.8%
Value in USD Million
2025-2034
United Kingdom Payment Market Outlook
*this image is indicative*
Payment is the process of transfer of money between individuals, organisations, and other entities in exchange for goods and services. It can be made through several methods such as cash, cheque, card, and digital modes, depending upon the convenience of the agreed parties, who are known as payers and payees.
The rising trend of buy now pay later (BNPL), which allows customers to purchase products or services without making payment first, is one of the prominent factors driving the United Kingdom payment market growth. It allows customers, who do not possess credit or debit cards, to make payments on small purchases at negligible or minimal interest rates.
Increasing trend of contactless payment; rising popularity of embedded payment methods; the burgeoning adoption of Buy Now Pay Later (BNPL) services; and the rise of central bank digital currencies (CBDCs) are positively impacting the market growth
BNPL services are increasingly gaining prominence as they are an affordable way to finance purchases and eliminate high interest rates associated with credit card usage.
Usage of contactless payment methods is rising due to rising contactless payment limits, surging mobile wallet uses, and stronger acceptance of such methods by businesses.
With the growing demand for convenience in the country, the popularity of embedded payments to offer efficient and seamless payment experiences is rising.
Amid declining cash usage and rising interest in private digital assets, the UK government is exploring CBDCs to improve payment systems and boost financial innovations.
The United Kingdom payment market expansion is being aided by the growing popularity of embedded payments in the country as they offer frictionless payment options to customers. They also offer a streamlined user experience, increase the conversion rate, provide valuable insights for businesses regarding customer behaviour, and offer higher customer satisfaction.
The emergence of central bank digital currencies (CBDCs), known as digital pounds, which represent the digital form of the UK’s currency, is another prominent trend expected to positively influence the United Kingdom payment market demand. This centralised digital currency can lower transaction fees and time improve financial inclusion by allowing financial services to penetrate unbanked or underbanked areas and enhance regulatory compliance.
Increased integration of AI in the payment sector to automate and standardise accounting tasks for an efficient result is another trend aiding the market development. It can save financial professionals endless hours performing mundane or routine tasks, reduce manual errors, and improve accuracy.
“United Kingdom Payment Market Report and Forecast 2025-2034” offers a detailed analysis of the market based on the following segments:
Market Breakup by Mode
Market Breakup by End Use
Digital wallets are expected to gain significant popularity in the forecast period due to their convenience and swift payment benefits
Digital wallets are expected to gain a significant portion of the United Kingdom payment market share as they offer a convenient and quick mode of payment compared to other modes. They also provide a high level of security as the user information is encrypted, which lowers the risk of financial fraud.
Digital wallets provide the facility of online payment history through which the users can keep track of their spending in a single place. Furthermore, this payment mode offers the provision to earn cashback, rewards, and coupons, boosting the segment’s growth.
Meanwhile, debit and credit card payments enjoy substantial popularity in the market due to the increasing use of multiple bank accounts for different types of purchases and the surging frequency of shopping with lower transaction value. Reportedly, debit and credit cards accounted for 59% of all payments in 2022. Various credit and debit cards also offer Buy Now Pay Later services, further favouring the United Kingdom payment market outlook.
Besides, cheques are widely used as secure and convenient methods of payment without knowing bank account details. Initiatives like Image Clearing System (ICS) are making the chequing process faster and more efficient, which is expected to drive the popularity of cheques in the coming years.
The retail sector is to grow at a healthy pace in the forecast period due to the rising adoption of contactless payment in retail stores
As per the United Kingdom payment market analysis, the retail sector accounts for a substantial UK market share, due to the growing adoption of contactless as well as digital payment in physical and online stores, which offers the convenience of shopping to users.
The launch of digital payment wallets by e-commerce companies such as Amazon to facilitate ease of shopping from their stores also fuels the segment share. Moreover, factors such as a rise in disposable income, growth of m-commerce, and rapid deployment of 5G also offer a positive outlook for the United Kingdom payment market development.
In the healthcare sector, patients are increasingly preferring payment methods that can mitigate financial hardship and simplify billing while enhancing the visibility of payments. There is also a rising preference for contactless and digital payment methods like Apple Pay and Google Pay.
Meanwhile, the growing popularity of streaming services and online gaming is prompting entertainment and gaming companies to adopt secure, smooth, and frictionless payment experiences, further fuelling the United Kingdom payment market growth.
Major market players are offering contactless and digital payment methods to offer convenience and flexibility to customers
Stripe, Inc., incorporated in 2009 and headquartered in California, the United States, is a financial services company. The company offers a comprehensive range of services such as online payments, no-code payments, online invoices, and subscription management, among others.
Paypal Payments Private Limited, established in 1998, is a multinational financial technology company, based in California, the US. Its specialities include online payments, money transfers, mobile commerce, and e-commerce, among others.
Visa International is a card payment company, founded in 1958 and headquartered in California, the United States. The company empowers the government sector by offering a secure digital payment method that offers rapid transactions.
Mastercard International is a global tech leader in the financial sector with a presence in 210 territories and companies. It uses secure networks and data and offers innovative solutions to help organisations, individuals, governments, and financial institutions.
*Please note that this is only a partial list; the complete list of key players is available in the full report. Additionally, the list of key players can be customized to better suit your needs.*
Other key players in the United Kingdom payment market are Amazon.com, Inc., PayPoint plc, SumUp Group, Elavon Financial Services DAC, and Adyen N.V., among others.
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The market is estimated to grow at a CAGR of 7.80% between 2025 and 2034.
The key trends aiding the market expansion include the growing popularity of digital payment methods and the rising trend of buy-now-pay-later (BNPL).
The different end uses of payment include retail, entertainment, healthcare, and hospitality, among others.
The various modes of payment considered in the market report are card payment, digital wallet, cash, cheque, and net banking, among others.
The major players in the market are Amazon.com, Inc., PayPoint plc, SumUp Group, Mastercard International Incorporated, Visa International Inc., Stripe, Inc., Paypal Payments Private Limited, Elavon Financial Services DAC, and Adyen N.V., among others.
Explore our key highlights of the report and gain a concise overview of key findings, trends, and actionable insights that will empower your strategic decisions.
| REPORT FEATURES | DETAILS |
| Base Year | 2024 |
| Historical Period | 2018-2024 |
| Forecast Period | 2025-2034 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Mode |
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| Breakup by End Use |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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