UK Profile: The UK Redefines Payment Service Ecosystem in the Region

07 Nov, 2020 . 4 minutes

UK’s population was estimated at 66 million by the end of 2019 with the average highest online spending in the 35 years to 44 years age group. UK’s digital sector accounted for 7.7 percent of the UK economy in 2018 - worth £149 billion. The growth is up 7.9 percent on the previous year - nearly six times larger than across the economy as a whole which increased by 1.4 percent.

UK’s Internet penetration is 94.7 percent and cross-border shoppers are mostly from China, the US and Germany. The fintech adoption rate in the UK has accelerated by 71 percent as at the end of 2019 compared to a worldwide average of 64 percent. Forty-one percent of UK customers use fintech to access bank and payment services while 85 percent use it for digital transactions. 

Banks and payment service providers compete to adopt the latest fintech products to overcome some of the effects of Brexit. The UK is a world leader in digital payments and the country itself is emerging as a testing ground for new methods, services and players.

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