Debit cards dominate the UK payments landscape, driven by the continued rise of contactless payments. Despite this, cash remains relevant, with 52% of consumers still using it weekly. By 2033, UK Finance predicts cash will drop to 3.4 bn payments, while card payments will continue to rise.
A key challenge for the market lies in addressing security concerns surrounding digital payments. 59% of consumers are more worried about security when making payments online than in-store. Additionally, mobile wallets, despite their growing popularity, face scepticism from a significant portion of users who question their safety. These concerns, along with regulatory demands, further intensify the pressure on providers to earn consumer trust.
An opportunity exists in the rising adoption of mobile wallets and sustainable payment solutions. Moreover, younger, financially healthy audiences are drawn to digital wallets with carbon offset features, offering brands a unique chance to innovate at the intersection of fintech and environmental responsibility. Strategic partnerships with eco-friendly initiatives and loyalty rewards tied to sustainability could foster long-term engagement and loyalty in this evolving market.
While contactless card volumes more than doubled from 2019-23, only 39% of UK adults would feel comfortable living without cash in the future.
Saltanat Kuermannal, Financial Services Analyst
This Report explores consumers’ preferred methods of paying for goods and services, and how this is changing. It examines why consumers opt for specific types of payment, and how they feel about the increasing range of ways to pay.
This Report covers consumers’ use of and attitudes towards the following:
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