The Paypers

According to prnewswire.com, 7 out of every 10 account holders use online banking. Approximately 62% of the total payments in 2006 were made through cash which has reduced to 40% in the year 2016 and in 2026, the number is estimated to decrease to 21%. With the increasing digital payments, financial institutions are trying to enhance security and handling of payment operations with the support of advanced technology.

The report states that UK contactless payment market has held a major market share owing to high adoption and awareness. UK is leading the market with the value of USD 460 million in 2018 and is estimated to reach about USD 1.2 billion till 2025. UK is one of those countries that is rapidly transforming from conventional to contactless payment methods and digital technology is emerging as one of the supporting pillars for rapid transformation of financial services.

Moreover, thanks to the use of NFC (Near Field Communication) technology, cashless payments are safer. NFC technology-based payment cards are being integrated into shopping stores, product and service outlets, BFSI institutions, and others. The cashless mobile payments are being facilitated by using apps installed in smartphones. Currently available cashless mobile payment platforms in the UK include Amex Pay, Apple Pay, Barclays Contactless Mobile, Google Pay, and Samsung Pay.

Forecast to 2025 expects contactless payments increase in UK