The European digital payments industry has grown rapidly in recent years, with transaction value increasing by more than $200 billion since 2017, and expected to reach $708.3 billion by 2020. According to BuyShares data, the United Kingdom, Europe’s largest digital payments market, is expected to generate 25% of that value.
Mobile POS Payments in the United Kingdom to Increase by 360% by 2024
According to the Statista 2020 FinTech Report, the United Kingdom has the highest share of online payment users in the world, with 81.8 percent of its citizens using online payments in 2019.
In 2017, the UK digital payments industry reached $120.4 billion in transaction value, with eCommerce accounting for 90% of that total. By the end of 2019, this figure had increased by 30% to $154.8 billion.
Despite the COVID-19 lockdown, online payments in the United Kingdom continued to rise, with millions of people preferring webshops to brick-and-mortar stores. According to statistics, the UK digital payments market will be worth $164.4 billion in 2020, representing a nearly $10 billion increase year on year.
Mobile POS payments played a significant role in this growth. The mobile segment of the British digital payments industry generated $30.9 billion in revenue in 2019. Last year, the most significant revenue stream, digital commerce, reached a value of $123.9 billion.
However, mobile POS payments increased by $14.8 billion in the last year, reaching $45.7 billion in 2020. Digital commerce payments, on the other hand, fell by $5.3 billion this year, to $118.6 billion in transaction value.
According to the Statista 2020 Fintech Survey, mobile POS payments in the United Kingdom are expected to increase by 360 percent, reaching $210.8 billion by 2024. Digital commerce transactions are expected to exceed $155 billion in value, a $37 billion increase in four years. The total value of digital payments in the United Kingdom is expected to double to $366 billion by 2024.
The United Kingdom Will Remain Europe’s Largest Digital Payments Market Industry
According to statistics, the United Kingdom will continue to have Europe’s largest digital payments industry, with transaction values nearly double those of the other two leading markets. Germany, Europe’s second-largest digital payments industry, is expected to reach $104.3 billion in transaction value this year, 38% less than the leading United Kingdom. France, Spain, and Italy are close behind with $75.2 billion, $41.2 billion, and $41 billion, respectively.
However, statistics show that these four European digital markets will grow at a rapid pace over the next four years, with their combined transaction value increasing by 116% to $565.1 billion by 2024.
