November 12, 2018
LONDON, November 12, 2018 - UK consumers are on an endless mission for convenience as mobile continues its ascent to dominance as the most popular shopping channel. Growing at a rate of 16 percent annually in the UK, m-commerce is set to be worth £88.1bn by 2022, according to new data from Worldpay Inc. (NSE: WP; LSE: WPY), a global leader in the payments technology industry.
In its annual Global Payments Report, Worldpay found the total eCommerce market in the UK is set to grow by 40 percent between now and 2022 to £240bn (9 percent CAGR). E-wallets in particular are favoured when purchasing via mobile, currently making up 23.2 percent of online payments in the UK. This is set for rapid growth driven by increased smartphone ownership, faster mobile networks and consumers continually looking for a more seamless payment experience. The predicted rise in mobile commerce is a strong vote of confidence for the security and convenience of the UK’s digital payments.
Worldpay’s report, which examines online shopping in 36 countries across five continents, found that m-commerce currently accounts for 38 percent of the £990 billion in global eCommerce sales, and global m-commerce is set to grow a staggering 19 percent over the next five years. The largest markets in the world for m-commerce are China (£0.57 trillion), U.S. (£0.16 trillion), UK (£48.8 billion), Japan (£26.4 billion) and South Korea (£22 billion).
Motie Bring, general manager for the UK, Global Enterprise eCommerce, at Worldpay Inc. said: “The UK in particular is a highly-developed market, and with 99 percent of the population connected to the internet1, e-wallets are clearly the future of mobile commerce for shoppers – but this is only the beginning. The latest innovations in device hardware, from voice recognition to facial scanning, are helping make payments more seamless and secure than ever before, prompting consumers to ditch desktop in favour of their smartphone or tablet.
To stay ahead UK merchants should invest in their own apps, building a seamless shopping and checkout experience across every device, and support the most popular payment methods.”
Worldpay has published guidelines for merchants to help capitalise on the global mCommerce opportunity:
To learn more about these key insights and trends in global payments, please visit https://worldpay.globalpaymentsreport.com/
About the 2018 Global Payments Report
The projected growth figures contained in this report were sourced from GlobalData and McKinsey and relate to the industry as a whole, not Worldpay’s business. The data was collected using consumer surveys, B2B surveys and input from local research teams. 45,000 consumers were surveyed globally in February and March 2018.
Any indicative predictions based on the data we have used should be treated as such. No representation or warranty, expressed or implied, is made by Worldpay, Inc. and/or any of its affiliates, directors, officers, employees, agents or advisers as to the reliability, accuracy, timeliness or completeness of any information, opinions or analysis contained in this document, which is not intended to be relied upon by you or any person for any purpose whatsoever.
Worldpay, Inc. (NYSE: WP; LSE: WPY) is a leading payments technology company with unique capability to power global omni-commerce. With an integrated technology platform, Worldpay offers a comprehensive suite of products and services, delivered globally through a single provider. Worldpay processes over 40 billion transactions annually, supporting more than 300 payment types across 146 countries and 126 currencies. The company is focused on expanding into high-growth markets and customer segments, including global eCommerce, integrated payments and B2B. Visit us at www.worldpay.com.
1Worldpay Mobile Payment Journey 2018
2Worldpay Mobile Payment Journey 2018