Merchants be advised: the independent-minded United Kingdom does things differently.
The United Kingdom of England, Scotland, Wales and Northern Ireland (UK) is the second-largest economy in Europe and the third-largest ecommerce market in the world, with a value of $239 billion (€213 billion), behind only China and the US.1
eWallet use is growing in the UK, with some estimating they could account for almost a third of payments by 2023.2 Our data shows that nearly nine in ten (89%) of UK consumers make a mobile purchase at least monthly and 43% do so weekly. With mobile commerce in the UK expected to grow at more than twice the rate of the overall ecommerce sector, a mobile-first mentality is a must for doing business in the UK.3
ABOUT THE STUDY
In March and April 2022 Rapyd conducted a research study to understand the financial habits, payment method choices, considerations and preferences of consumers in nine European countries. We surveyed 4,286 online consumers in Denmark, France, Germany, Iceland, Italy, the Netherlands, Sweden, Spain and the UK. Consumer respondents represent a full spectrum of household income levels from low to high across each country. Household Income questions were presented in locally relevant amounts and currencies. The survey was conducted online amongst household decision-makers over 18 years of age. To participate, the survey respondents must have made a purchase online in the last month.
THE MOST POPULAR PAYMENT METHODS AND eCOMMERCE TRENDS IN THE UK
UK consumers are eager to use mobile for all kinds of shopping. They report predominantly using mobile over the computer to buy everything from frequent purchases like restaurant takeout (77%), baby products (77%), clothing and accessories (61%), and beauty products (67%).
THE MOST POPULAR ONLINE PAYMENT METHODS IN THE UNITED KINGDOM
In The United Kingdom Debit cards, not credit, rule the day. 75% of UK respondents reported recently using a debit card online, followed by 70% who used PayPal. Recent Apple Pay use was also the highest observed in Europe, at 29%. When it comes to their most preferred payment method, 36% of UK consumers choose debit cards, and 27% choose PayPal.
MOST POPULAR PRODUCTS TO BUY ONLINE IN THE UNITED KINGDOM
We asked respondents, “which of the following categories have you purchased online in the last 90 days?”
THE MOST POPULAR IN-STORE AND POS PAYMENT METHODS IN THE UNITED KINGDOM
Debit cards are also the most utilized payment method for in-store purchases, with nearly three-quarters (73%) of UK consumers recently using them. Over half of the respondents also used cash, although only 12% consider it their first choice of payment method. Apple Pay is also preferred over cash, and 1 in every 6 consumers chose it as their favorite form of in-store payment.
THE MOST POPULAR FINANCIAL APPS IN THE UNITED KINGDOM
We asked UK consumers, “which of the following types of online financial applications have you used in the past month?”
TECH ADOPTION IN THE UNITED KINGDOM
We asked UK consumers, “which of the following statements best describes you?”
THE MOST POPULAR FINANCIAL PRODUCTS IN THE UNITED KINGDOM
We asked UK consumer, “which of the following financial products do you currently have?”
MOST COMMON WAYS TO RECEIVE PAYMENTS IN THE UNITED KINGDOM
We asked, “from which of the following, if any, have you received a payment in the last 3 months?”
GET SELLING FASTER IN THE UK WITH RAPYD PAYMENT PROCESSING
With fast onboarding, next-day settlement, and better approval rates Rapyd is your payment Gateway to the UK. Talk to use to learn how Rapyd can support all your online and in-store payment needs in the UK, Europe and beyond.
- eCommerce and in-store payments
- Multicurrency acquiring and settlement
- Quick onboarding and setup
- Available plug-ins to leading platforms including Shopify and WooCommerce
1. JP Morgan. eCommerce Payments Trends Report .https://www.jpmorgan.com/merchant-services/insights/reports/uk-2020
2. eCommerce Payments Trends: United Kingdom. JP Morgan, 2020, https://www.jpmorgan.com/merchant-services/insights/reports/uk-2020
3. JP Morgan. eCommerce Payments Trends Report. https://www.jpmorgan.com/merchant-services/insights/reports/uk-2020