GlobeNewswire by notified

UK Digital Wallet Transactions Set to Surge Ahead of All Other Payment Methods

Share

Rising to £210bn by 2033, more than double its current share

LONDON, Sept. 14, 2023 (GLOBE NEWSWIRE) -- New research by FreedomPay and Retail Economics shows that the UK is on the brink of a digital payments transformation, with digital wallet purchases set to surpass card transactions within ten years.

Currently, around a fifth (17.0%) of retail, leisure and hospitality spending is made through digital wallets; compared to over half (55.7%) by plastic, and a fifth (18.8%) for cash. This is set to increase to £127.7bn in 2027/28 (£72.5bn currently). By 2033, the share of digital wallet payments will likely more than double to 39.7% to £210bn.

In the next five years, the value of digital wallet use is set to surge by 76.3% – well ahead of other payment methods including transactions through loyalty points and Buy Now Pay Later (BNPL) services, while more traditional payment methods of cash and card are predicted to decline.

UK shoppers seek maximum convenience through payments as they embrace cross-channel shopping and personalisation. In the next five years, the emerging connected shopper will expect seamless omnichannel experiences and place increasing value on integrated loyalty schemes and personalised offers – with almost a third (31.7%) wanting both features in the future – as well as BNPL options.

The research shows that the wealthiest 20% of shoppers spend almost five times the amount by value compared with the poorest group, which is currently driving the rapid growth in digital wallet transactions. Two-thirds (66.4%) of affluent under 35s have used a digital wallet in a physical environment in the last 12 months. In this group, digital wallets have already overtaken cash.

However, digital wallets risk excluding some of the most vulnerable. One in six respondents stated they have no intentions of using digital wallets over the next five years – half of these customers are in the bottom two affluence groups, aged over 55, with a quarter having no (or unreliable) mobile data access when shopping.

FreedomPay President, Chris Kronenthal, says: “This research is a clear indication that the world of payments is changing rapidly, and the merchant needs to adapt to meet the needs of the evolving payment tech landscape.

“It’s no surprise that physical forms of payments such as cash and plastic will be surpassed by digital wallets in the years to come and it’s an imperative that businesses re-evaluate their commerce capabilities.”

Retail Economics Chief Executive, Richard Lim, says: “Digital wallets are poised to become the primary mode of payments, eclipsing the use of physical cards and cash. Shoppers love the convenience they offer, helping to provide a more seamless journey that blends physical and digital together while incorporating the benefits of more personalised offers and loyalty schemes.

“While younger, more affluent shoppers have been at the forefront of this transformation, the industry must ensure that the benefits of digital wallets are accessible to all, irrespective of age or financial status. Fundamental to this is building trust in digital wallets and bridging knowledge gaps to avoid leaving vulnerable customers behind.”

Download From Plastic to Pixels Here

For more information, contact:

H+K for FreedomPay

freedompayUK@hkstrategies.com

NOTES TO EDITORS

Research methodology

In this research digital wallet were defined as “financial technology innovation, providing cashless experiences by storing payment, loyalty and other details on a smartphone app or wearable device for online and offline transactions.” Examples include payments through mobile apps such as Google Pay, Apple Pay, PayPal, Tesco Clubcard app via smartphone, or wearable devices (e.g. smartwatch).

Modelling and analysis undertaken by Retail Economics. It uses a nationally representative survey across 2,000 shoppers undertaken in August 2023 and draws on third-party sources including national statistics.

About FreedomPay

FreedomPay’s Next Level Commerce™ platform transforms existing payment systems and processes from legacy to leading edge and enables merchants to unleash the power of pay. As the premier choice for many of the largest companies across the globe in retail, hospitality, lodging, gaming, sports and entertainment, foodservice, education, healthcare and financial services, FreedomPay’s technology has been purposely built to deliver rock solid performance in the highly complex environment of global commerce.

The company maintains a world-class security environment and was first to earn the coveted validation by the PCI Security Standards Council against Point-to-Point Encryption (P2PE/EMV) standard in North America. FreedomPay’s robust solutions across payments, security, identity, and data analytics are available in-store, online and on-mobile and are supported by rapid API adoption. The award winning FreedomPay Commerce Platform operates on a single, unified technology stack across multiple continents allowing enterprises to deliver an innovative Next Level experience on a global scale. www.freedompay.com

About Retail Economics

Retail Economics is an independent economics research consultancy focused on the retail industry.

We provide independent thought leadership on major economic and retail trends and analyse their impact on the industry.

Retail Economics provides proprietary data on sector growth, behavioural trends, channel performance and forecasts.

Find out more at www.retaileconomics.co.uk

Contributors - Nicholas Found, Richard Lim, Yaamir Badhe

Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/e87120c0-d533-4d5f-b1a0-045fe45f8869
https://www.globenewswire.com/NewsRoom/AttachmentNg/a81aa0df-ca50-4825-b25a-b4a8067fb673
https://www.globenewswire.com/NewsRoom/AttachmentNg/bcd3ba48-31e4-4bfa-9325-ed9ca765017b

To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.

About GlobeNewswire by notified

GlobeNewswire by notified
GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York

https://notified.com

GlobeNewswire by notified is one of the world's largest newswire distribution networks, specializing in the delivery of corporate press releases financial disclosures and multimedia content to the media, investment community, individual investors and the general public.

Subscribe to releases from GlobeNewswire by notified

Subscribe to all the latest releases from GlobeNewswire by notified by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from GlobeNewswire by notified

LeddarTech and Prospector Capital Corp. Announce Effectiveness of Registration Statement and December 13, 2023 Extraordinary General Meeting to Approve Business Combination4.12.2023 23:30:00 CET | Press release

QUEBEC CITY, Dec. 04, 2023 (GLOBE NEWSWIRE) -- LeddarTech Inc.® (“LeddarTech” or the “Company”), an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology for ADAS and AD, and Prospector Capital Corp. (“Prospector”) (NASDAQ: PRSR, PRSRU, PRSRW), a publicly traded special-purpose acquisition company led by former Qualcomm President Derek Aberle and chaired by former Qualcomm Vice Chairman Steve Altman, today announced that on December 4, 2023 the U.S. Securities and Exchange Commission (the “SEC”) declared effective the Registration Statement on Form F-4, as amended, filed by LeddarTech Holdings Inc. (“Newco”) in connection with the previously announced proposed business combination (the “Business Combination”). The filing can be viewed in its entirety on the SEC’s website at www.sec.gov. Prospector also commenced mailing the definitive proxy statement/prospectus on December 4, 2023, which was included in the Reg

Information regarding the total number of voting rights and total number of shares of the Company as of November 30, 20234.12.2023 22:30:00 CET | Press release

Information regarding the total number of voting rights and total number of shares of the Company as of November 30, 2023 (Article 223-16 of the General Regulations of the Autorité des Marchés Financiers) Market : NYSE Euronext Paris ISIN Code: FR 0010417345 Date Total number of shares Total number of voting rights11/30/2023 96,431,770 Total gross of voting rights: 96,431,770 Total net* of voting rights: 96,186,256 * Net total = total number of voting rights attached to shares – shares without voting rights Attachment PDF Version

Nanobiotix Announces Closing of the Remaining $4.8 Million Investment From Johnson & Johnson Innovation – JJDC, Inc.4.12.2023 22:16:59 CET | Press release

Aggregate gross proceeds of approximately €50.9 million (equivalent to approximately $53.8 million) received by NANOBIOTIX has increased to approximately €55.5 million (equivalent to approximately $58.7 million) extending its runway into mid’ 2025 PARIS and CAMBRIDGE, Mass., Dec. 04, 2023 (GLOBE NEWSWIRE) -- NANOBIOTIX (Euronext: NANO – NASDAQ: NBTX – “Nanobiotix” or the “Company”), a late-clinical stage biotechnology company pioneering physics-based approaches to expand treatment possibilities for patients with cancer, announces today the closing of the previously announced subscription by Johnson & Johnson Innovation – JJDC, Inc. (“JJDC”) for 901,256 additional ordinary shares of the Company, in the form of restricted American Depositary Shares (“ADSs”), for an aggregate amount of $4.8 million, equivalent to €4.6 million1 (the “Remaining Placement Amount”, and the subscription transaction being the “Remaining Placement”), following the approval by the French Ministry of Economy of JJ

Inventiva announces the positive recommendation of the third DMC of the Phase III clinical trial with lanifibranor in patients with NASH4.12.2023 22:05:00 CET | Press release

The DMC recommended to continue the clinical trial without modification of the protocol, based on the pre-planned review of safety dataThe safety assessment was based on the review of safety data from more than 500 patients, including patients that have been treated with lanifibranor for more than 72 weeksThe DMC review remains consistent, confirming the good safety profile of lanifibranor Daix (France), Long Island City (New York, United States), December 4, 2023 – Inventiva (Euronext Paris and Nasdaq: IVA) (the “Company”), a clinical-stage biopharmaceutical company focused on the development of oral small molecule therapies for the treatment of non-alcoholic steatohepatitis (NASH) and other diseases with significant unmet medical needs, today announced the positive recommendation from the third meeting of the Data Monitoring Committee (DMC) to continue the NATiV3 Phase III clinical trial evaluating lanifibranor in patients with NASH without modification to the trial protocol. The DMC

Standard Lithium to Participate in December Investor Conferences4.12.2023 22:04:35 CET | Press release

VANCOUVER, British Columbia, Dec. 04, 2023 (GLOBE NEWSWIRE) -- Standard Lithium Ltd. (“Standard Lithium” or the “Company”) (TSXV:SLI) (NYSE American:SLI) (FRA:S5L), a leading near-commercial lithium development company, today announced its participation in the following virtual December investor conferences: Event:Deustche Bank 8th Annual Virtual Lithium Battery Supply Chain ConferenceDate:December 6, 2023Panel:US Based Lithium Supply, featuring Robert Mintak, CEO and Director of Standard Lithium, 7:45am – 8:15am PTEvent:Bank of America Securities Virtual 2023 Lithium and Battery Storage ConferenceDate:December 7, 2023Panel:Company Presentation, featuring Robert Mintak, CEO and Director of Standard Lithium, 7:45am – 8:30am PT Management will be hosting one-on-one meetings during the conferences. Interested investors should contact their Deutsche Bank or Bank of America representative or Standard Lithium Investor Relations at investors@standardlithium.com. About Standard Lithium Ltd. St