United Kingdom Payment Systems Industry Market Report 2024 – Bankers’ Automated Clearing Services (BACS) Grow with the Increase in Pension Payments
Dublin, Oct. 09, 2024 (GLOBE NEWSWIRE) — The “Payment Systems in the UK – Industry Market Research Report” has been added to ResearchAndMarkets.com’s offering.
The Payment Systems industry’s revenue is slated to climb at a compound annual rate of 6.6% over the five years through 2024-25 to reach £9.7 billion. The industry has enjoyed a sizable growth spurt, mostly thanks to tech-friendly consumer behaviour pushing digital and contactless payments into the limelight. The notable slump in cold, hard cash has left more room for plastic counterparts in our wallets and pockets. The industry’s transaction volumes have boomed as contactless payment technology has become a staple in our shopping routines, giving industry revenue a notable lift.
Trends and Insights
- Climbing card payments and growing e-commerce drive revenue growth: The declining use of cash, bolstered by the convenience of contactless payments, and soaring online shopping are propelling card usage, driving payment systems’ revenue up.
- More pension payments fuel BACS growth: Automatic pension enrolment has hiked the number of pension payments being made through the system, but growth is slowing now that the automatic enrolment rollout has ended.
- London’s talent pool draws in payment systems: The city’s vast tech and finance sectors create a workforce adept in computer science and finance – both are key in this industry.
- Technical expertise is paramount to staying competitive: It can bolster security and enhance system efficiency, giving companies an edge in a fiercely contested market.
- More card payments mean higher revenue: According to UK Finance, card payments outnumbered cash payments for the first time in 2017. The sustained downturn in cash usage since then has benefitted the industry in terms of transaction volumes and revenue.
- Payment system providers reap the rewards of resilient demand for payment services: The critical role of payment systems in the UK’s economy means that demand for payment systems will remain strong in the years to come
- Bankers’ Automated Clearing Services (BACS) grow with the increase in pension payments: The BACS payment system enables efficient money transfers between bank accounts, benefitting both businesses and individuals. . In 2018, BACS (the company responsible for operating the BACS system) became a subsidiary of PAY.UK.
This industry is comprised of companies that operate payment network infrastructure in the UK. These networks allow authorised payment and e-money institutions to provide aggregated payment services to consumers. Networks include both debit and credit cards, bank transfers and ATM system infrastructure. The industry doesn’t include the Clearing House Automated Payment System used for intrabank pound sterling transfers.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
Company Coverage:
- Mastercard Payment Gateway Services Group Ltd
- American Express Services Europe Ltd
- Visa Europe Ltd
Key Topics Covered:
ABOUT THIS INDUSTRY
- Industry Definition
- Main Activities
- Similar Industries
- Additional Resources
INDUSTRY AT A GLANCE
INDUSTRY PERFORMANCE
- Executive Summary
- Key External Drivers
- Current Performance
- Industry Outlook
- Industry Life Cycle
PRODUCTS & MARKETS
- Supply Chain
- Products & Services
- Major Markets
- Globalisation & Trade
- Business Locations
COMPETITIVE LANDSCAPE
- Market Share Concentration
- Key Success Factors
- Cost Structure Benchmarks
- Barriers to Entry
MAJOR COMPANIES
OPERATING CONDITIONS
- Capital Intensity
KEY STATISTICS
- Industry Data
- Annual Change
- Key Ratios
For more information about this report visit https://www.researchandmarkets.com/r/e73mr
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
CONTACT:
CONTACT: ResearchAndMarkets.com
Laura Wood,Senior Press Manager
[email protected]
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
