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The UK to generate one-quarter of all digital payments in Europe in 2020

Thursday 13 August 2020 14:46 CET | News

BuyShares has revealed that the UK is expected to generate 25% of all digital payments from Europe in 2020.

According to the press release, recent years have witnessed a growth of the European digital payments industry with transaction value rising by more than USD 200 billion since 2017 and reaching USD 708.3 billion in 2020. 

Online payments in the UK continued rising amid COVID-19 lockdown, with millions of people choosing online shops instead of brick and mortar stores. Statistics show the UK digital payments market is set to reach USD 164.4 billion value in 2020, almost a USD 10 billion increase year-on-year.

Besides, in the last twelve months, the mobile POS payments rose by USD 14.8 billion, reaching USD 45.7 billion in 2020. Digital commerce payments, on the other hand, dropped by USD 5.3 billion, falling to USD 118.6 billion transaction value in 2020. 

Furthermore, statistics show the UK is set to remain Europe’s largest digital payments industry, with the transaction value almost double than the other two leading markets. As the second-largest digital payments industry in Europe, Germany is expected to hit USD 104.3 billion transaction value in 2020, 38% less than the leading UK. 

On the other hand, France, Spain, and Italy follow with USD 75.2 billion, USD 41.2 billion, and USD 41 billion, respectively. However, studies show that these four European digital markets are set to witness impressive growth in the next four years, with their combined transaction value growing by 116% and reaching USD 565.1 billion by 2024.

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Keywords: BuyShares, study, UK, digital payments, Europe, mobile payments, POS, digital commerce, ecommerce
Categories: Payments & Commerce | Online Payments
Countries: World
This article is part of category

Payments & Commerce