The United Kingdom e-commerce sector continues to be one with high growth, innovation and dynamism. Cards transactions are the primary solution while entering the UK. Cards (Credit & Debit) remain the predominant payment method within the e-commerce space. The rate of growth in mobile trade also makes it difficult to overlook this segment: it is expected to outstrip growth in e-commerce overall in the UK. United Kingdom ecommerce payment market is expected to be US$ 203.08 Billion by 2026, according to Renub Research analysis.
The UK is, without a doubt, a major e-commerce market, and one that continues to set trends for others to emulate, due to advanced technology and competitive payments market. This growth is driven by widespread and growing consumer acceptance of technology and smart devices. The United Kingdom now has more than 95% of household with mobile phones. Companies in the UK are looking to ease the payment method for the users. So that the users have no fear while doing a transaction on the internet and it also minimizes the fraud transactions.
Digital wallets are catching up fast and are increasingly powered by e-commerce transactions. They are expanding at twice the pace of cards, driven in part because customers believe brands like PayPal offer durable protection. PayPal dominates digital wallet payments in the UK, thwarting attempts by rival Apple Pay to become a more significant player.
Impact of COVID-19 on United Kingdom Ecommerce Industry
COVID-19 pandemic had a profound impact on the ecommerce payment market in the United Kingdom. Purchase of food & grocery items via online medium has shown good growth in the year 2020. As due to coronavirus, peoples were reluctant to leave their homes and have relied more on home delivery of items by online ordering.
Renub Research report titled “United Kingdom E-Commerce Payment Market & Forecast, by Category (Clothes & Sports Goods, Travel and Holiday Accommodation, Household Goods, Films and Music, Tickets for Events, Books/ Magazines/ Newspapers, Computer Software, Food/ Groceries, Electronic Equipments, Computer Hardware, Medicines, Others), Payment Method (Bank Transfer, Card, Digital Wallets, Cash, Direct Debit and Others), Digital Wallet ( Paypal, GooglePay, AmazonPay & SamsungPay), Bank (HSBC, Lioyd Banking Group, Barclays, Royal Bank of Scotland & Santander)” studies the United Kingdom ecommerce payment market. This report provides an all-encompassing analysis of the key growth drivers and restraining factors, demand, and their projections for the upcoming years.
By Category – The Report Studies the Market of the following 12 Categories:
1. Clothes & Sports Goods
2. Travel and Holiday Accommodation
3. Household Goods
4. Films and Music
5. Tickets for Events
6. Books/ Magazines/ Newspapers
7. Computer Software
8. Food/ Groceries
9. Electronic Equipments
10. Computer Hardware
By Payment Method – This report covers 5 types of Ecommerce Payment Market in Germany
1. Bank Transfer
3. Digital Wallets
Key Players covered in the report which has been studied from 3 viewpoints
- Initiatives & Recent Developments
Digital Wallet covered in this report
- Google Pay
- Amazon Pay
- Samsung Pay
Banks Covered in this repot
- Lloyd Banking Group
- Royal Bank of Scotland