P&S Market Research releases a new research report on cards and payments market:
UK Cards and Payments Market – Size, Share, Development, Growth and Forecast to 2020
The research report provides in depth analysis and insights into the UK Cards and Payments Market including, strategies deployed by banks to market debit and credit cards and competitive landscape (card issuers in the country) for both debit cards and credit cards. The study includes 3 years historical market size and 6 years market forecast in terms of number of cards, value and volume of transactions processed through these cards, and other key metrics. The report also provides information on the key industry trends, major schemes, banks and detailed segmentation of card and payment industry. The research report is a new offering from the company’s Financial Services domain, and leveraged from the company’s existing cards and payments database of 50+ countries.
Explore Report with Detailed TOC on “UK Cards and Payments Market” at: https://www.psmarketresearch.com/market-analysis/uk-cards-and-payments-market
In terms of number of cards in circulation, the UK payment cards market grew at a CAGR of 2% during the period 2012-2014. The growth in GDP per capita of the country is expected to increase the cards usage over the forecast period. The GDP per capita increased during the period 2012–2014, from GBP 25,986.1 in 2012 to GBP 27,778.1 in 2014 and is likely to reach GBP 34,090.6 by 2020. Also, the UK population grew steadily from 63.7 million in 2012 to 64.5 million in 2014, and is expected to reach 67.1 million by 2020. This increase in population is expected to encourage the card spending over the forecast period. Consumer preference for cashless payments allows growth of card payments.
In UK, the debit cards dominate the payment cards market in terms of number of cards in circulation. The debit cards accounted for 62% of the total number of cards in circulation in 2014. Debit cards are being used by consumers to shop at retail outlets, withdraw cash from ATMs and make online payments. Key players in the debit card market included Lloyds Bank, Barclays Bank, HSBC, Santander, and Nationwide. The debit card market in the country is very concentrated in terms of number of cards in circulation, with five major banks accounting for 79% share of the total cards in 2014.
Charge cards segment represents a small portion of the UK pay later card market but is expected to gain momentum due to expected growth in the volume of high net worth individuals (HNIs) during the period 2015–2020. The frequency of charge card use increased at a CAGR of 5.6% during 2012-2014. The frequency of transaction is expected to reach up to 75 times by 2020.
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