United Kingdom (UK) Cards and Payments - Opportunities and Risks to 2025
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United Kingdom (UK) Cards and Payments - Opportunities and Risks to 2025
Summary
GlobalDatas United Kingdom (UK) Cards and Payments - Opportunities and Risks to 2025 report provides detailed analysis of market trends in the UKs cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2017-21e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the countrys competitive landscape, including market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
GlobalDatas United Kingdom (UK) Cards and Payments - Opportunities and Risks to 2025 report provides top-level market analysis, information and insights into the UKs cards and payments industry, including -
- Current and forecast values for each market in the UKs cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. It also, includes an overview of the countrys key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the UKs cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the UKs cards and payments industry.
Scope
- To enhance competition and innovation in the banking and payments space, open banking was rolled out by the Open Banking Implementation Entity (OBIE) in January 2018. This allows banks customers to give other companies permission to securely access their accounts. Customers can also access a range of services from different types of companies regulated by the Financial Conduct Authority (FCA). The service covers personal and business current accounts, credit cards, and online e-money accounts. OBIE is an entity created by the UKs nine largest personal and small business current account providers, collectively known as CMA9. As of August 2021, there were 327 regulated open banking providers: 234 are third-party providers and 93 are account providers, which includes banks, building societies, and payment companies.
- Post-Brexit, both Visa and Mastercard have decided to increase interchange fees applicable between the UK and the European Economic Area. These changes came into effect from mid-October 2021. Consumer card-not-present transactions between the UK and European Economic Area countries are currently charged 0.20% for debit cards and 0.30% for credit cards. Going forward, these interregional transactions will be charged at 1.15% for debit cards and 1.50% for credit cards. Furthermore, the interchange rates for business cards is 1.60% while corporate and purchasing cards has been revised to 1.80%.
- To improve the flexibility and transparency of bill payments, retail payment authority Pay.UK introduced the Request to Pay messaging service framework in May 2020, enabling businesses and individuals to settle bills. The framework is designed to enable payment service providers to develop interoperable solutions. Companies can utilize the new framework to create Request to Pay propositions. This helps billers request payments for a bill instead of sending conventional invoices. The new framework comprises message standards, rules, as well as terms and conditions of Request to Pay services. For each request, consumers can either pay in full or in part; decline the payment; communicate with the biller; or seek extra time. Consumers can choose from several different payment methods. The service does not affect commercial arrangements between biller and payer - it simply carries the request message, including details of how to pay it.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the UKs cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the UKs cards and payments industry.
- Assess the competitive dynamics in the UKs cards and payments industry.
- Gain insights into marketing strategies used for various card types in the UK.
- Gain insights into key regulations governing the UKs cards and payments industry.
Summary
GlobalDatas United Kingdom (UK) Cards and Payments - Opportunities and Risks to 2025 report provides detailed analysis of market trends in the UKs cards and payments industry. It provides values and volumes for a number of key performance indicators in the industry, including cash, cards, credit transfers, direct debits, and cheques during the review-period (2017-21e).
The report also analyzes various payment card markets operating in the industry and provides detailed information on the number of cards in circulation, transaction values and volumes during the review-period and over the forecast-period (2021e-25f). It also offers information on the countrys competitive landscape, including market shares of issuers and schemes.
The report brings together GlobalDatas research, modeling, and analysis expertise to allow banks and card issuers to identify segment dynamics and competitive advantages. The report also covers detailed regulatory policies and recent changes in regulatory structure.
GlobalDatas United Kingdom (UK) Cards and Payments - Opportunities and Risks to 2025 report provides top-level market analysis, information and insights into the UKs cards and payments industry, including -
- Current and forecast values for each market in the UKs cards and payments industry, including debit, credit, and charge cards.
- Detailed insights into payment instruments including cash, cards, credit transfers, direct debits, and cheques. It also, includes an overview of the countrys key alternative payment instruments.
- E-commerce market analysis.
- Analysis of various market drivers and regulations governing the UKs cards and payments industry.
- Detailed analysis of strategies adopted by banks and other institutions to market debit, credit, and charge cards.
- Comprehensive analysis of consumer attitudes and buying preferences for cards.
- The competitive landscape of the UKs cards and payments industry.
Scope
- To enhance competition and innovation in the banking and payments space, open banking was rolled out by the Open Banking Implementation Entity (OBIE) in January 2018. This allows banks customers to give other companies permission to securely access their accounts. Customers can also access a range of services from different types of companies regulated by the Financial Conduct Authority (FCA). The service covers personal and business current accounts, credit cards, and online e-money accounts. OBIE is an entity created by the UKs nine largest personal and small business current account providers, collectively known as CMA9. As of August 2021, there were 327 regulated open banking providers: 234 are third-party providers and 93 are account providers, which includes banks, building societies, and payment companies.
- Post-Brexit, both Visa and Mastercard have decided to increase interchange fees applicable between the UK and the European Economic Area. These changes came into effect from mid-October 2021. Consumer card-not-present transactions between the UK and European Economic Area countries are currently charged 0.20% for debit cards and 0.30% for credit cards. Going forward, these interregional transactions will be charged at 1.15% for debit cards and 1.50% for credit cards. Furthermore, the interchange rates for business cards is 1.60% while corporate and purchasing cards has been revised to 1.80%.
- To improve the flexibility and transparency of bill payments, retail payment authority Pay.UK introduced the Request to Pay messaging service framework in May 2020, enabling businesses and individuals to settle bills. The framework is designed to enable payment service providers to develop interoperable solutions. Companies can utilize the new framework to create Request to Pay propositions. This helps billers request payments for a bill instead of sending conventional invoices. The new framework comprises message standards, rules, as well as terms and conditions of Request to Pay services. For each request, consumers can either pay in full or in part; decline the payment; communicate with the biller; or seek extra time. Consumers can choose from several different payment methods. The service does not affect commercial arrangements between biller and payer - it simply carries the request message, including details of how to pay it.
Reasons to Buy
- Make strategic business decisions, using top-level historic and forecast market data, related to the UKs cards and payments industry and each market within it.
- Understand the key market trends and growth opportunities in the UKs cards and payments industry.
- Assess the competitive dynamics in the UKs cards and payments industry.
- Gain insights into marketing strategies used for various card types in the UK.
- Gain insights into key regulations governing the UKs cards and payments industry.
TABLE OF CONTENTS
Market Overview
Payment Instruments
Card Based Payments
Merchant Acquiring
Ecommerce Payments
Buy Now Pay Later
Mobile Payments
P2P Payments
Bill Payments
Alternative Payments
Payment Innovations
Job Analysis
Payment Infrastructure and Regulation
Appendix
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