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The European digital payments industry has grown rapidly in recent years, with transaction value increasing by more than $200 billion since 2017, and expected to reach $708.3 billion by 2020. According to BuyShares data, the United Kingdom, Europe’s largest digital payments market, is expected to generate 25% of that value.

Mobile POS Payments in the United Kingdom to Increase by 360% by 2024

According to the Statista 2020 FinTech Report, the United Kingdom has the highest share of online payment users in the world, with 81.8 percent of its citizens using online payments in 2019.

In 2017, the UK digital payments industry reached $120.4 billion in transaction value, with eCommerce accounting for 90% of that total. By the end of 2019, this figure had increased by 30% to $154.8 billion.

Despite the COVID-19 lockdown, online payments in the United Kingdom continued to rise, with millions of people preferring webshops to brick-and-mortar stores. According to statistics, the UK digital payments market will be worth $164.4 billion in 2020, representing a nearly $10 billion increase year on year.

Mobile POS payments played a significant role in this growth. The mobile segment of the British digital payments industry generated $30.9 billion in revenue in 2019. Last year, the most significant revenue stream, digital commerce, reached a value of $123.9 billion.

However, mobile POS payments increased by $14.8 billion in the last year, reaching $45.7 billion in 2020. Digital commerce payments, on the other hand, fell by $5.3 billion this year, to $118.6 billion in transaction value.

According to the Statista 2020 Fintech Survey, mobile POS payments in the United Kingdom are expected to increase by 360 percent, reaching $210.8 billion by 2024. Digital commerce transactions are expected to exceed $155 billion in value, a $37 billion increase in four years. The total value of digital payments in the United Kingdom is expected to double to $366 billion by 2024.

The United Kingdom Will Remain Europe’s Largest Digital Payments Market Industry

According to statistics, the United Kingdom will continue to have Europe’s largest digital payments industry, with transaction values nearly double those of the other two leading markets. Germany, Europe’s second-largest digital payments industry, is expected to reach $104.3 billion in transaction value this year, 38% less than the leading United Kingdom. France, Spain, and Italy are close behind with $75.2 billion, $41.2 billion, and $41 billion, respectively.

However, statistics show that these four European digital markets will grow at a rapid pace over the next four years, with their combined transaction value increasing by 116% to $565.1 billion by 2024.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.

We have seen inflation rising in the UK in the past few months. The expectation is that the UK’s inflation will continue.

Market prices are growing at their highest pace since March 2020, when the pandemic began, when they jumped to 1.5 percent from 0.7 percent in March.

According to the Office for National Statistics, the dramatic rise was largely due to a surge in prices from low levels at the onset of the pandemic a year ago.

Higher oil prices have forced up gasoline prices, according to the study.

When oil prices rise, you should expect the price of gas to rise as well. Over time, a $10 raise in oil prices leads to a $0.25 increase in petrol prices.  Three forces influence gas and underlying oil prices: supply and demand, commodity brokers, and the valuation of the dollar.

The ONS reports that UK’s inflation increased after lockout controls were lifted and stores reopened on April 12th. Clothing and footwear costs increased in March, after an unexpected drop in February.

Meanwhile, gas and energy rates have risen sharply after a raise in the default tariff ceiling, relative to a cut a year ago.
As lockdown controls relaxed and the economy reopened, PwC economist Hannah Audino predicted that inflation would increase further, enabling customers to “unleash some of their excess savings.”

“New survey data shows that, as the vaccine rollout raises optimism, the share of households planning to invest some of their savings has risen in recent months,” she said.

Economists have expected an increase in UK’s inflation in April, but there are fears that high inflation this year as the global economy recovers from the pandemic would force central banks to lift interest rates.

As the pandemic is affecting most economic sectors, we must wait for the global health situation to stabilize to see how inflation rates will be affected.

Market Place

MKTPlace is a leading digital and social media platform for traders and investors. MKTPlace offers premiere resources for trading and investing education, digital resources for personal finance, news about IoT, AI, Blockchain, Business, market analysis and education resources and guides.