The United Kingdom Digital Wallet market was valued at US$6,227.048 million in 2019. This country accounts for a fairly large chunk of the Europe digital wallet market and is expected to continue being a key market for digital wallet vendors throughout the projected period. The market growth in this country is contributed to by the high penetration of smartphones, on account of the high disposable income of people. According to data from the World Bank Group, the Net National Income for the country has shown an impressive growth of around 68% since the beginning of the century. The Adjusted Net National Income stood at US$1.418 trillion in 2001 and this figure stood at US$2.382 trillion in 2018. Over the same period, this impressive increase in the Net National Income significantly shaped the smartphone sector as the penetration of internet-connected smartphones in this country increased from around 39% in 2012 to around 78% in 2018. This penetration still continues to increase, thus providing a favorable environment for the growth of this market. The United Kingdom digital wallet market growth is majorly attributed to the booming e-commerce sector, which has been contributing significantly to the country’s GDP. According to data from the Office for National Statistics, the United Kingdom, the online-only sales in the country showed an impressive increase of 15.9% in 2017 while sales across stores witnessed an increase of just 2.3% as compared to the previous year. The trend has been gaining even more traction on account of the decreasing number of new store openings and an increasing number of store closures in this country. The high popularity of online purchases, coupled with lucrative offers by many digital wallet vendors has been fueling the penetration of digital wallets among customers, thus propelling the market growth. Furthermore, the recent outbreak of the novel coronavirus disease in Wuhan, China, which got declared a pandemic by the World Health Organization, has also increased the adoption of digital wallets among customers. Nationwide lockdown imposed, and stringent social distancing regulations enforced by the government has pushed many customers away from cash transactions to digital wallets. Although the duration of the pandemic is still uncertain, good market growth is expected over the forecast period.
The United Kingdom Digital wallet market has been segmented on the basis of device and application. By device, the market has been segmented as PCs/laptops and smartphones. By application, The United Kingdom digital wallet market has been classified into money transfer, recharge, movie booking, food ordering, and others.
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