In the UK, sky-high mobile and banking penetration have customers primed for mobile payments, but adoption isn't catching on as fast. Only 1.9% of the UK population is unbanked, per May 2019 UK Parliament documents, the most recently available data. Further, 72.0% of UK consumers—and over 90% of 18- to 54-year-olds—have a smartphone. Nearly everyone who wants to can use mobile payments, meaning providers' main goal should be to drive up interest.
With the UK approaching an inflection point in cash usage, mobile payment providers must cement engagement now. Seven in 10 UK adults believe the country is going cashless, and half of them believe it will happen in the next five years, per Paragon Bank. Harnessing these shifting habits can help providers turn the tides on adoption so they can make inroads among consumers looking to adopt the technology and earn profits in the market.
After a spike in 2020, UK proximity mobile payment user growth will rise at a 5.5% four-year compound annual growth rate (CAGR) through 2025. Growth is tapering as the market is stuck in low gear: Usage will rise to just below a quarter of the population by...
 | Report Preview  * This chart and data were pulled from The UK Mobile Payments Forecast 2021 by Insider Intelligence. Purchase the report below for $1,995 for immediate access. | | | In the UK, sky-high mobile and banking penetration have customers primed for mobile payments, but adoption isn't catching on as fast. Only 1.9% of the UK population is unbanked, per May 2019 UK Parliament documents, the most recently available data. Further, 72.0% of UK consumers—and over 90% of 18- to 54-year-olds—have a smartphone. Nearly everyone who wants to can use mobile payments, meaning providers' main goal should be to drive up interest.
With the UK approaching an inflection point in cash usage, mobile payment providers must cement engagement now. Seven in 10 UK adults believe the country is going cashless, and half of them believe it will happen in the next five years, per Paragon Bank. Harnessing these shifting habits can help providers turn the tides on adoption so they can make inroads among consumers looking to adopt the technology and earn profits in the market.
After a spike in 2020, UK proximity mobile payment user growth will rise at a 5.5% four-year compound annual growth rate (CAGR) through 2025. Growth is tapering as the market is stuck in low gear: Usage will rise to just below a quarter of the population by... | | | Other Related Reports |  Buy now, pay later solutions are quickly gaining adoption as consumers look for new financing options and merchants... ACCESS FULL REPORT |  The pandemic accelerated payments industry digitization across the entire landscape, as merchants turned to ecommerce to keep doors open... ACCESS FULL REPORT | | |  To learn more about Insider Intelligence and our Financial Services coverage, click below and fill out the form, and a member of our team will be in touch with you. | | | | |
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