UK Digital Wallet Transactions Set to Surge Ahead of All Other Payment Methods
Rising to £210bn by 2033, more than double its current share
London, United Kingdom, 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.”
For more information, contact:
H+K for FreedomPay
NOTES TO EDITORS
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.
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
- Digital wallet spending to overtake plastics within the next decade.
- The value of digital wallets is evolving at pace over time.
To view this piece of content from ml.globenewswire.com, please give your consent at the top of this page.
About GlobeNewswire by notified
One Liberty Plaza - 165 Broadway
NY 10006 New York
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
Northland Power Announces Appointment of Ellen Smith to Its Board of Directors30.11.2023 00:09:14 CET | Press release
TORONTO, Nov. 29, 2023 (GLOBE NEWSWIRE) -- Northland Power Inc. (“Northland” or the “Company”) (TSX: NPI) announces the expansion of its Board of Directors from nine to ten members and the appointment of Ellen Smith as a Director, effective November 29, 2023. Ms. Smith brings over 35 years of leadership experience within the power and utilities sector. After spending her early career at original equipment manufacturers GE Power Systems and Pratt & Whitney, Ms. Smith led a co-gen business initiative and power & utilities facilities at a refinery of Hess Corp., and led U.S. Operations at National Grid, which included gas and electric transmission and distribution, LNG operations and power generation. For the last decade, Ms. Smith has been the Senior Managing Director at FTI Consulting, where she advises clients on strategy operational issues, and corporate finance, with a focus on power and utilities and EPC clients. Ms. Smith serves as an expert in complex power and utilities litigatio
Constellation Brands to Present at the 2023 Morgan Stanley Global Consumer and Retail Conference on December 5, 202329.11.2023 22:30:33 CET | Press release
VICTOR, N.Y., Nov. 29, 2023 (GLOBE NEWSWIRE) -- Constellation Brands, Inc. (NYSE: STZ), a leading beverage alcohol company, announced today that Garth Hankinson, Executive Vice President and Chief Financial Officer, will participate in a fireside chat at the 2023 Morgan Stanley Global Consumer and Retail Conference on Tuesday, December 5, 2023 in New York, NY. The presentation is scheduled to begin at 1:30 p.m. ET and is expected to cover the company’s strategic business initiatives, financial metrics, and operating performance, as well as outlook for the future. A live, listen-only webcast of the presentation will be available on the company’s investor relations website at ir.cbrands.com under the News & Events section. When the presentation begins, financial information discussed in the presentation, and a reconciliation of reported GAAP financial measures with comparable and other non-GAAP financial measures, will also be available on the company’s investor relations website under t
CNH Industrial: Periodic Report on $1 Billion Buyback Program29.11.2023 22:30:00 CET | Press release
Basildon, November 29, 2023 CNH Industrial N.V. (NYSE: CNHI / MI: CNHI) announces that under the €400 million component (the “First Component”) of its $1 billion share buyback program the Company completed transactions in the period November 20, 2023 through November 24, 2023, reported in aggregate, as set forth in the table below. After the purchases announced today and considering those previously executed under the First Component, the total invested amount in the First Component is approximately €163,979,188.20 ($177,525,418.19) or a total amount of 17,560,075 common shares purchased. DateNumber of common shares purchasedAverage price per share excluding feesConsideration excluding fees Consideration (*) excluding fees(€)(€)($) November 20, 2023 473,000 9.5539 4,518,994.70 4,938,357.41 November 21, 2023 2,190,000 9.2275 20,208,225.00 22,138,110.49 November 22, 2023 1,494,075 9.1293 13,639,858.90 14,882,450.04 November 23, 2023 1,000,000 9.1982 9,198,200.00 10,026,038.00 November 24
nCino Reports Third Quarter Fiscal Year 2024 Financial Results29.11.2023 22:05:00 CET | Press release
Total Revenues of $121.9M, up 16% year-over-year Subscription Revenues of $104.8M, up 19% year-over-yearGAAP Operating Margin of (11)%, up 700 basis points year-over-yearNon-GAAP Operating Margin of 17%, up 1,400 basis points year-over-year WILMINGTON, N.C., Nov. 29, 2023 (GLOBE NEWSWIRE) -- nCino, Inc. (NASDAQ: NCNO), a pioneer in cloud banking for the global financial services industry, today announced financial results for the third quarter of fiscal year 2024, ended October 31, 2023. “We posted another solid quarter in Q3, with revenues and profitability again exceeding expectations,” said Pierre Naudé, Chairman and CEO of nCino. “Notably, we added key new customers, such as our first enterprise Consumer ending deal with a $200 billion bank in the U.S., and our largest customer to date in Japan. We are also pleased that our U.S. mortgage business achieved double-digit revenue growth despite generationally-high interest rates." Naudé continued, "With years of experience successfully
Torqx declares offer for Beter Bed Holding unconditional; 95.14% of Shares now tendered or committed29.11.2023 20:15:00 CET | Press release
JOINT PRESS RELEASE This is a joint press release by Beter Bed Holding N.V. ("Beter Bed Holding" or the "Company") and 959 B.V. (the "Offeror"), a company controlled by Torqx Capital Partners ("Torqx"). This joint press release is issued pursuant to the Article 16, paragraphs 1 and 2, Article 17 paragraph 1 and Article 4, paragraph 3 of the Netherlands Decree in Public Takeover Bids (Besluit openbare biedingen Wft, the "Decree") in connection with the recommended public offer by the Offeror for all the issued and outstanding shares in the capital of the Company (the "Offer"). This press release does not constitute an offer, or any solicitation of any offer, to buy or subscribe for any securities in the Company. Any offer is only made by means of the offer memorandum (the "Offer Memorandum"), dated 4 October 2023, approved by the Dutch Authority for the Financial Markets (Autoriteit Financiële Markten, the "AFM"). Terms not defined in this press release will have the meaning as set fort