United Kingdom E-Commerce Payment Market & Forecast, by Category & Companies | Renub Research

United Kingdom ecommerce payment market will be US$ 203.08 Billion by 2026. Forecast, by Category (Sports, Travel, Household, Food/ Groceries, Electronic, Others), Payment Method, Companies
By: Renub Research
 
ROSWELL, Ga. - Oct. 22, 2020 - PRLog -- The United Kingdom e-commerce sector continues to be one with high growth, innovation and dynamism. Cards transactions are the primary solution while entering the UK. Cards (Credit & Debit) remain the predominant payment method within the e-commerce space. The rate of growth in mobile trade also makes it difficult to overlook this segment: it is expected to outstrip growth in e-commerce overall in the UK. United Kingdom ecommerce payment market is expected to be US$ 203.08 Billion by 2026, according to Renub Research analysis.

The UK is, without a doubt, a major e-commerce market, and one that continues to set trends for others to emulate, due to advanced technology and competitive payments market. This growth is driven by widespread and growing consumer acceptance of technology and smart devices. The United Kingdom now has more than 95% of household with mobile phones. Companies in the UK are looking to ease the payment method for the users. So that the users have no fear while doing a transaction on the internet and it also minimizes the fraud transactions.

Digital wallets are catching up fast and are increasingly powered by e-commerce transactions. They are expanding at twice the pace of cards, driven in part because customers believe brands like PayPal offer durable protection. PayPal dominates digital wallet payments in the UK, thwarting attempts by rival Apple Pay to become a more significant player.

Impact of COVID-19 on United Kingdom Ecommerce Industry

COVID-19 pandemic had a profound impact on the ecommerce payment market in the United Kingdom. Purchase of food & grocery items via online medium has shown good growth in the year 2020. As due to coronavirus, peoples were reluctant to leave their homes and have relied more on home delivery of items by online ordering.

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Tags:UK E-Commerce Payment Market
Industry:Technology
Location:Roswell - Georgia - United States
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