The UK proximity payment market has evolved considerably over the past few years, with various sectors now experiencing varying stages of development. The payment card sector has already reached maturity but continues to show promising signs of growth, while the contactless and mobile proximity payments sectors have made significant strides with regards to product development and availability.
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How has the UK proximity payments market developed in the last year and what can be expected in the future?
How do UK consumers use their payment tools, and how has this changed in recent years?
What impact is regulatory change having on the UK payments sector, and how will it likely affect future market development?
How extensive are mobile and contactless payments and where does future growth lie?
The UK payment card market displays signs of strong and steady growth with regards to debit; promising signs of expansion in terms of credit; and marginal development in terms of charge and deferred debit.
Although the UK credit card market continues to struggle to reach pre-recessionary levels, the UK is still expected to have the highest card penetration rates in Europe by 2017. By 2017, pay now cards are forecasted to remain the most popular card type among UK consumers with a penetration rate of 1.5 cards per person, up from 1.4 in 2012.
The UK is the fifth largest market for contactless payments in the world, with 31 million contactless cards in issue in 2012. However, despite its leading position, contactless payments are still very much in the formative stages in the UK - with transport remaining the largest user of the technology.
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