UK Consumer Payment Preferences market report
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Providing the most comprehensive and up-to-date information and analysis of the Consumer Payment Preferences market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry and how fast are its rates of growth? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
What you need to know
The payments space is marked by near-constant change and development, although there are significant time lags as consumer behaviour catches up. Contactless payments were launched in 2007, but have only begun to grow rapidly over the past few years, with particularly strong growth in 2016. Rather than jump on the bandwagon with new technologies, the British public tends to show caution before slowly expanding their payment methods to include new technologies.
This doesn’t mean traditional payments fall by the wayside. In fact, annual cash withdrawals have increased and cheques are the only payment method thought to be in irreversible decline. Of the new wave of technologies, smartphone payments face the biggest barriers to widespread uptake. Whether making contactless payments or paying through apps and browsers, concerns about storing and sending data as well as a lack of any obvious benefits compared to existing payment options will continue to hold smartphone payments back.
This Report provides an insight into the way different payment methods are performing, and reviews recent developments across the payments space. Mintel’s exclusive consumer research explores how people choose to pay and what drives these decisions, including in-depth analysis of attitudes towards smartphone payments, direct debits and other payment methods.
Expert analysis from a specialist in the field
Written by Patrick Ross, a leading analyst in the Financial Services sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
The payments space is constantly changing, but payment preferences are much slower to adjust. Contactless has finally taken off to an extent, with growth now limited primarily by the willingness of retailers to accept it. Preferences for traditional payment methods, as well as concerns about security, are currently holding smartphone payments back.
Senior Financial Services Analyst
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