Verisk Financial Research provides a comprehensive and authoritative overview of the cards, payments and consumer banking market in the United Kingdom.
Demographics and Economy:
Outlines the key metrics and trends which influence the development of retail banking and payments in the country:
Explores the structure of the local banking system, its infrastructure and the leading players.
Industry-leading credit card coverage. We detail the past present and future of the industry through our data and commentary.
Data and commentary on the growing mobile payments market in the UK.
Profit pool analysis includes profitability, rollover rates, credit card revenues, annual fees and market competition.
The Card Networks
Extensive coverage of credit and debit card use in the UK, including the use of charge cards.
Retail Banks and Issuers
Market share of dominant retail banks in the UK and smaller retail banks and issuers
Acquiring snd Processing
Merchant acquirers' market share, service charges, card issuer and processor relationships
Coverage of the rising adoption of e-commerce and the role of payment service providers.
Regulatory and Market Information
The regulatory landscape includes coverage of the payment systems regulations and European Union directives and open banking.
Appendices: UK Cards Payment Data
Appendix I: Demographics and the economy
Appendix II: Payments environment
Appendix III: Cards market
Appendix IV: Mobile payments
Appendix V: Profit pool
Appendix VI: The card networks
Appendix VII: Key retail banks and issuers
Appendix VIII: UK acquirers and processing
Appendix IX: Online acquiring
Demographics and the economy
Despite Brexit uncertainty, economic conditions in the UK have remained relatively benign since 2016. Unemployment has declined while GDP growth figures have remained in positive territory.
British consumers have proven to be enthusiastic adopters of modern technology when it comes to how they shop and how they pay. E-commerce has flourished, and this has contributed to the increase in electronic payments.
Britain is Europe's biggest market for payment cards – and one of the world's most advanced and innovative. The market is also mature, with a high penetration rate of credit and debit cards by global standards.
Most mobile wallets currently available in the UK run exclusively over card rails. There may be opportunities for players to offer differentiated services which leverage the FPS (Faster Payments Service) infrastructure and PSD2.
The United Kingdom's credit cards market is highly profitable; however, the market faces some headwinds. Most notably, the FCA's new rules on persistent debt already appear to be suppressing growth in credit card outstandings.
The card networks
The vast majority of debit cards are now Visa-branded debit cards. Mastercard, however, has inked deals with three issuers to migrate their portfolios to Mastercard, which will eat into Visa's market share over the next few years.
Key retail banks and issuers
Five banks dominate the British retail banking market: Lloyds Banking Group, RBS, HSBC, Barclays and Santander. These firms control around 86% of current accounts across the country.
Acquiring and processing
Britain's acquiring market is concentrated, with some 61% of credit card acquired billed volume in the hands of two main players – Barclaycard and Worldpay – both of which are also among the largest merchant acquirers globally.
The United Kingdom is a global leader in e-commerce adoption: total online acquired billed volume made using payment cards reached an estimated $274 billion in 2019, through an estimated total of 2.7 billion transactions.
Regulatory and other cards market information
British banking and financial services institutions are subject to multiple regulations. The primary statute is the Financial Services and Markets Act 2000. Additionally, data privacy is regulated by the Data Protection Act 1998.
Abbey National – Account information service providers – Advent International – Adyen – Aer Lingus – Alipay – Alliance & Leicester – Allied Irish Banks – Amazon – American Express – Android Pay – Apple – Apple Pay – Aqua Card – Argos – Asda – Atom Bank – Aviva – AXA – Bacs – Bain Capital – Bank of America – Bank of England – Bank of Ireland – Bank of Japan – Bank of Scotland – Barclaycard – Barclays – BNP Paribas Personal Finance UK – Bó – Bradford & Bingley – Braintree – British Court of Appeal – Capital One – Cardnet – Cardstream – Cheque and Credit Clearing Company – CMA – Competition and Markets Authority – Co-operative Bank – Coutts – Cult Pens – CyberSource – Danske Bank – DataCash – Diners Club – Discover – eBay – Elevon Merchant Services – European Central Bank – European Union – Exela Technologies – Facebook – Faster Payments Service – FCA – Fidelity National Information – Financial Conduct Authority – Financial Policy Committee – First Data – First Direct – FIS – Fiserv – FPS – Funky Pigeon – GDPR – General Data Protection Regulation – Global Payments – Google – Google Pay – Halifax – Hays Travel – HBOS – Hibu – HMV – HSBC – Ingenico – Intuit – iZettle – John Lewis Finance – JustGiving – KLM – Lex Autolease – LINK – Lloyds Bank – Lloyds Banking Group – Lufthansa – M&S Bank – Mastercard – MBNA – Metro Bank – Mobile Payments Service Company – Monzo – N26 – Nationwide – NatWest – NatWest Tyl – Netflix – New Payments Architecture – NewDay – Next – O2 – Oak Furnitureland – Open Banking – Oyster – Paddy Power – Pay by Bank app – Pay with Bank transfer – Pay.UK – Paym – Payment Systems Regulator – Payments UK – PayPal – PbBa – Pingit – PISPs – Play.com – PRA – Prudential Regulation Authority – PSD2 – PSR – RBS – Realex Payments – Request to Pay – Revised Payment Services Directive – Revolut – Richer Sounds – Royal Lancaster London – Sage Pay – Sainsbury's Bank – Samsung Pay – Santander – SCA – Scottish Widows – Secure Trading – Shop Direct – Special Resolution Unit – Spotify – Starling Bank – Stripe – Strong Customer Authentication – SumUp – Tesco Bank – TfL – Thai Airways – The Card Gallery – The Post Office – TransferWise – Transport for London – TSB – TSYS – Twitter – Uber – UK Payments Administration – Ulster Bank – UnionPay – Universal Credit – Universal Trust Service Provider – US Federal Reserve – UTSP – Vanquis Bank – Vantiv – Virgin Atlantic – Visa – Visa Europe – Vocalink – Vodafone – WHSmith – Worldpay – Yorkshire Bank
Verisk financial reports include detailed market and competitor intelligence on payments cards, e-money, acquiring, retail banking, and consumer credit in Europe. Analysts use primary and secondary source data and conduct in-depth interviews with senior industry executives and Europe finance experts.
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