DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "UK Cards and Payments Market - Size, Share, Development, Growth and Forecast to 2020" report to their offering.
The total number of cards in circulation reached 160.4 million by the end of 2014, representing a penetration of 2.5 cards per person in 2014. The high penetration in the country is due to the culture of holding multiple cards and card issuer aggressive marketing strategies deployed in the country.
The UK's GDP per capita increased during the period 2012-2014, from GBP 25,986.1 in 2012 to GBP 27,778.1 in 2014. The GDP per capita is likely to increase further over the period 2015-2020, to reach GBP 34,090.6 in 2020. This increase is expected to increase the cards usage over the forecast period. Also, the UK's population grew steadily from 63.7 million in 2012 to 64.5 million in 2014, and is expected to reach 67.1 million by 2020. This increase in population is expected to encourage card spending over the forecast period.
There was intense competition among credit card issuers to encourage card usage and spend. Credit card issuing banks implement various marketing strateges and offered numerous offers and campaigns to attract consumers. The frequency of credit card use increased at a CAGR of 9.4% during 2012-2014. The frequency of transaction is expected to reach up to 61 times by 2020.
The average charge card transaction value in UK declined from GBP 100.1 in 2012 to GBP 90.9 in 2014, at a CAGR of -4.7%. The average transaction value is anticipated to decline at a CAGR of -2.1% during the period 2015-2020.
In March 2016, Google announced the launch of android mobile payment service Android Pay in UK. Android Pay will allow smartphone users to take advantage of payment apps provided by banks, credit card providers and retailers to either buy goods in stores or using retailer websites. The service will support MasterCard and Visa as well as many of the UK's banks, such as Bank of Scotland, First Direct,HSBC, Lloyds and Nationwide.
Key players in the UK cards and payments market:
- Lloyds Bank
- Barclays Bank
- Sainsbury's Bank
Key Topics Covered:
2. Research Methodology
3. Executive Summary
4. Key Industry Drivers
5. Payment Channels
6. Terminal Statistics
7. Payment Card Market Analysis
8. Debit Card Market Analysis
9. Credit Card Market Analysis
10. Charge Card Market Analysis
11. Card Fraud
12. Prepaid Card Market Analysis
13. Card Market by Customer Segments
14. Competitive Landscape
For more information visit http://www.researchandmarkets.com/research/kg63t9/uk_cards_and