Market Research Report
Emerging Opportunities in the UK Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape
|Published by||Timetric||Product code||257401|
|Published||Content info||116 Pages
|Emerging Opportunities in the UK Cards and Payments Industry: Market Size, Trends and Drivers, Strategies, Products and Competitive Landscape|
|Published: December 14, 2012||Content info: 116 Pages||
The report provides market analysis, information and insights into the UK's cards and payments industry, including:
The UK cards and payments industry grew at a CAGR of 4.11% during the review period. The largest share of the industry was occupied by the debit card category with a 45.2% share in 2012, followed by the prepaid card category which claimed 26.1% of the overall industry in 2012. This trend is expected to continue during the forecast period. In 2017 the prepaid card category is projected to occupy 37.7% of the overall industry. The credit card category share is expected to decline from 27.6% in 2012 to 21.8% in 2017 at a CAGR of -0.53%. The emergence of contactless payments is expected to increase the scope of card based payments in the UK. Contactless cards were first issued in the UK in 2007 and, as of 2012, there were nearly 23 million cards in circulation. Top banks that have rolled out contactless payments include Barclays, Lloyds, Bank of America (MBNA), HSBC and RBS. The emergence of contactless payments has encouraged customers to opt for card based payments, as such transactions are secure and can be processed much faster compared to traditional card based transactions. Contactless payments are also expanding to post offices and other retail segments. The recent ruling increasing the price limit of contactless transactions from GBP15 (US$24.05) to GBP20 (US$32.07) is also expected to shift low value cash based transactions to cards.