UK to make $271 billion from digital payment market
A new report has projected that the United Kingdom digital payment market will hit $271.4 billion in value in 2021.
Buyshare, a UK financial education hub (an online site that provides educational guide on how to buy shares), on Tuesday said cashless payments in the UK jumped by 40% amid the COVID-19 outbreak in 2020.
The report projected that the market’s transaction value would rise by another 60 percent summing up to $439 billion in 2025.
“The United Kingdom, as the leading digital payments market in Europe, is expected to hit $271.4 billion value in 2021, almost a 25 percent increase in a year.
“Statistics show cashless payments in the UK jumped by 40 percent amid the COVID-19 outbreak. By 2025, their transaction value is forecast to jump by another 60 percent to $439 billion,” the report stated.
It associated the rapid digitalisation of the country’s entire payment industry with the outbreak of COVID-19.
The report indicated that the “number of ATMs in the United Kingdom plunged by almost 6,000 in a year, falling to 55,000 in December 2020.”
It added that the social distancing rules and the COVID-19 lockdown led to the massive closure of ATMs across the UK in the first quarter of 2020.
“Even before the pandemic, the United Kingdom witnessed rapid adoption of digital payments as a more convenient way to manage money, especially among tech-savvy consumers.
“However, the COVID-19 speeded up the digitalisation of the entire payments industry, with millions of Britons choosing online payments over cash and ATMs amid the lockdown,” the report stated.
As the largest segment of the market, digital commerce is expected to reach $172.8 billion in transaction value in 2021 and continue rising to $219.2 billion in 2025.
Mobile POS payments are forecast to witness a 123 percent increase in this period, with their transaction value jumping from $98.5 billion in 2021 to $219.9 billion in 2025.
We have recently deactivated our website's comment provider in favour of other channels of distribution and commentary. We encourage you to join the conversation on our stories via our Facebook, Twitter and other social media pages.
More from Peoples Gazette
Politics
Katsina youths pledge to deliver over 2 million votes to Atiku
“Katsina State is Atiku’s political base because it is his second home.”
Sport
Ministry signs N35 billion MoU with firm for sports development
Mr Enoh said that the partnership would help to inject funding into sports development from the private sector.
Economy
Kerosene price stood at N1,354.40 in March: NBS
It said the South-South recorded the lowest average retail price per litre of kerosene at N1,273.07.
States
Gov. Ododo warns against breach of peace
My administration will no doubt resist any attempt to instigate violent protests in any part of the state under any guise
Heading 2
Okuama Killings: Senator commends DHQ for release of detained traditional ruler
The king was released on Friday by the Defence Headquarters after spending about three weeks in the military custody.
Heading 3
Court adjourns Nnamdi Kanu’s N1 billion suit against FG for adoption of processes
Mr Benye said the instant suit was an abuse of court process.
Heading 5
Two die in Ilaro-Owode road crash
She said that a total number of seven people were involved, which comprised four men and three women.