UK Real Time Payments Industry Overview
With consumer preferences changing rapidly, the United Kingdom real-time payments market has become a lucrative option and thus, has attracted a huge amount of investments. Due to the huge growth potential, the market is moving towards fragmentation due to the new entrants. The service providers are engaging in partnerships to promote product innovation.
In 2021, according to UK Finance market research, younger people were more likely than older people to use either Apple Pay, Google Pay, or Samsung Pay. Nearly a third (32%, 17.3 million people) of the adult population had registered for mobile payments in 2020, an increase of 7.4 million people (75%) compared with 2019. Of those noted for mobile payments, 84% of these people recorded a payment. Half (50%) of these registered users made payments fortnightly or more frequently.
UK Real Time Payments Market Leaders
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Apple Inc. (Apple Pay)
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Google LLC (Google Pay)
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Samsung Electronics Ltd. (Samsung Pay)
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VISA Inc.
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Mastercard Inc.
- *Disclaimer: Major Players sorted in no particular order
