NEW YORK, Oct. 27, 2016 /PRNewswire/ -- Report Coverage
Historical market size for the period 2012-2014 and forecast for the period 2015-2020.
Number of cards in cirulation, and value and volume of transactions.
Number of terminal, and value and volume of transactions.
Industry trends, drivers, and opportunities.
Competitive landscape of card issuers for both, debit cards and credit cards.
Major schemes, debit and credit cards by customer segments.
The study is based on extensive secondary and primary research. The various sources studied during the secondary research include websites of payment/ banking/ industry associations, industry regulatory bodies, banks, and card issuers. The primary research included in-depth interviews with industry experts and key opinion leaders.
UK cards and payments market overview
The total number of cards in circulation reached 160.4 million by the end of 2014, representing a penetration of 2.5 cards per person in 2014. The high penetration in the country is due to the culture of holding multiple cards and card issuer aggressive marketing strategies deployed in the country.
The UK's GDP per capita increased during the period 2012–2014, from GBP 25,986.1 in 2012 to GBP 27,778.1 in 2014. The GDP per capita is likely to increase further over the period 2015–2020, to reach GBP 34,090.6 in 2020. This increase is expected to increase the cards usage over the forecast period. Also, the UK's population grew steadily from 63.7 million in 2012 to 64.5 million in 2014, and is expected to reach 67.1 million by 2020. This increase in population is expected to encourage card spending over the forecast period.
There was intense competition among credit card issuers to encourage card usage and spend. Credit card issuing banks implement various marketing strateges and offered numerous offers and campaigns to attract consumers. The frequency of credit card use increased at a CAGR of 9.4% during 2012-2014. The frequency of transaction is expected to reach up to 61 times by 2020.
The average charge card transaction value in UK declined from GBP 100.1 in 2012 to GBP 90.9 in 2014, at a CAGR of -4.7%. The average transaction value is anticipated to decline at a CAGR of -2.1% during the period 2015-2020.
In March 2016,Google announced the launch of android mobile payment service "Android Pay" in UK. Android Pay will allow smartphone users to take advantage of payment apps provided by banks, credit card providers and retailers to either buy goods in stores or using retailer websites. The service will support MasterCard and Visa as well as many of the UK's banks, such as Bank of Scotland, First Direct,HSBC, Lloyds and Nationwide.
Key players in the UK cards and payments market:
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