Rising fintech and digital banking services and shift towards cashless societies are driving up the UK mobile payment market demand growth during the forecast period.

The UK Mobile Payment Market size was valued at USD 1.58 billion in 2023, and is predicted to reach USD 6.96 billion by 2030, with a CAGR of 22.3% from 2024 to 2030, according to new research by Next Move Strategy Consulting.

The emergence of fintech and digital banking has indeed transformed the mobile payment market, bringing significant advancements and growth opportunities. These innovations have democratized financial services, providing consumers with convenient and user-centric solutions accessible through mobile devices. A key contribution of fintech and digital banking is the seamless integration of payment functionalities within their platforms, enhancing user experience by offering easy access to payment options and account management features within a unified digital ecosystem. Users can conveniently perform tasks such as transferring funds and paying bills from their smartphones, streamlining their financial activities.

Fintech firms and digital banks lead innovation in payment technologies, introducing solutions such as peer-to-peer transfers and contactless payments that cater to evolving consumer preferences and set industry standards. These innovations expand the UK mobile payment market by providing users with more choices and improving the efficiency and security of transactions.

The transition towards cashless societies represents a fundamental shift in how transactions are conducted, underpinned by a global movement towards convenience and digitalization. This societal evolution reflects an increasing emphasis on efficiency and accessibility, driving the widespread adoption of cashless payments as the preferred method of conducting financial transactions.

Mobile payment solutions stand at the forefront of this transition, serving as indispensable tools by providing a secure and contactless alternative to traditional cash transactions. This shift has been particularly pronounced during significant global events such as the COVID-19 pandemic, where the need for contactless transactions has been underscored to minimize the risk of virus transmission.

Additionally, governments and regulatory bodies worldwide are actively championing the transition to cashless economies to address pervasive challenges such as tax evasion and money laundering. By promoting the adoption of cashless payment methods, authorities aim to instil greater transparency and accountability in financial transactions, thereby bolstering overall confidence in the integrity of the financial system.

However, resistance from traditional financial institutions presents a hurdle to the growth of the mobile payment market. Established bank view mobile payment solutions as disruptive to their business models, fearing revenue loss from traditional banking services. Regulatory challenges and uncertainties further complicate adoption for traditional institutions.

Conversely, the emergence of voice-activated mobile payments presents exciting opportunities within the market. These systems enable users to perform transactions using natural language commands, enhancing accessibility, particularly for individuals with disabilities. Voice-activated mobile payments streamline the payment process, making it more efficient and opening up integration possibilities with smart devices such as wearables and IoT ecosystems. As voice recognition and natural language processing technologies advance, the adoption of voice-activated mobile payments is expected to grow, driving further innovation and differentiation in the market.

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Several key players operating in the UK mobile payment industry include Alphabet, Inc. (Google), Alibaba Group Holdings Limited, Amazon.com, Inc., Apple, Inc., PayPal Holdings, Inc., Visa, Inc., Tencent Holdings Limited (WeChat), MasterCard International, Inc., Samsung Electronics Co. Ltd., Block, Inc., and others. These key players have adopted various strategies to strengthen the market share.

Key Insights from the UK Mobile Payment Market Report:

• The information related to key drivers, restraints, and opportunities and their impact on the UK mobile payment market is provided in the report.

• The value chain analysis in the UK mobile payment market study provides a clear picture of the roles of each stakeholder.

• The market share of players in the UK mobile payment market is provided in the report along with their competitive analysis.