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.
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