United Kingdom Digital Wallet Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Device (PC/Laptops, Smartphones), And By Application (Money Transfer, Recharge, Movie Booking, Food Ordering, Others) - Forecasts From 2022 To 2027

  • Published : Nov 2022
  • Report Code : KSI061613803
  • Pages : 95

The United Kingdom digital wallet market was valued at US$10.636 billion in 2020.

Because of advanced technology and a competitive payments environment, the United Kingdom has a prominent e-commerce industry which has been a huge influence on the digital wallet market. This expansion is being fueled by broad and increasing consumer adoption of technology and smart gadgets especially due to the high penetration of smartphones and the internet in the nation. Companies in the United Kingdom are attempting to make payment methods more user-friendly. So that consumers are not afraid to conduct online transactions, and it also reduces the number of fraudulent transactions. They are growing at a notable CAGR, in part because users feel brands like PayPal provide long-term safety. PayPal is a major player in digital wallet payments in the United Kingdom, giving tough competition to Apple Pay, and other domestic firms.

Over the projected period, the rising penetration of the internet along with the advancements made in the e-commerce sector will boost the market

Payment services throughout the world, including the United Kingdom, are fast transitioning toward accepting and transferring payments using digital payment apps such as Paypal, Mastercard, and others. This trend is likely to continue during the projection period, owing to factors such as increased internet penetration and significant expansion in online shopping. The payment market in the United Kingdom has seen rapid growth, with new providers, systems, and payment technologies entering the market. Increased internet usage and penetration of smartphones in the region are expected to considerably impact the digital payments sector in the researched nation. Additionally, growing electronic payment knowledge and continually expanding payment networks have successfully simplified the use of electronic payment methods during the day activities.

Furthermore, the G7 Digital and Technology Ministerial Declaration, according to the Department for Digital, Culture, Media, and Sport, enhanced the UK's support for an industry-led, inclusive, multi-stakeholder strategy to create technical standards. The UK-led agreement on numerous emphases to leverage technology for greater post-pandemic growth is part of the G7 Presidency. The Future Tech Forum was held in the United Kingdom in 2021. Moreover, according to the International Trade Administration, online shopping is more prevalent in the United Kingdom than in other nations. E-commerce customers are estimated to account for 36% of the overall retail market.

Market Key Developments

  • In September 2021, PayPal UK unveiled a new digital wallet for its UK users, which includes a charitable function. Users may use this software to establish personalized community fundraising campaigns. Users of the app in the United Kingdom may utilize QR codes to make purchases, access credit, and buy, hold, and trade cryptocurrency through the "PayPal Generosity Network."
  • In June 2020, Stocard, one of the world's leading mobile wallets and one of Europe's largest B2C businesses in terms of user count, was officially opened in the UK and introduced a mobile payment function as it approaches 50 million users internationally.
  • In June 2020, Samsung launched a new digital wallet product, and the company plans to debut the Samsung Pay Card in the United Kingdom. Users can link their bank and loyalty cards in one place, with an amalgamated insight into their financial status, and can also use it for payment options.
  • In September 2022, SumUp, a UK-based financial technology startup, introduced SumUp Pay, a new digital wallet software with an integrated reward system. The launch represents the company's first entry into the European business-to-consumer (B2C) market. SumUp Pay comes with a virtual Mastercard that may be refilled with a stored card or by bank transfer. It lets customers make remote or in-person purchases, transfers, and withdrawals using Google Pay and Apple Pay.

United Kingdom Digital Wallet Market Scope:


Report Metric Details
 Market Size Value in 2020  US$10.636 billion
 Growth Rate  CAGR during the forecast period
 Base Year  2020
 Forecast Period  2022–2027
 Forecast Unit (Value)  USD Billion
 Segments Covered  Device, And Application
 Companies Covered  PayPal, Google LLC, Apple Inc., Paysafe Limited, PayToo Corp, Samsung Group
 Customization Scope  Free report customization with purchase



  • By Device
    • PC/Laptops
    • Smartphones
  • By Application
    • Money Transfer
    • Recharge
    • Movie Booking
    • Food Ordering
    • Others


1.1. Market Overview

1.2. COVID-19 Scenario

1.3. Market Definition

1.4. Market Segmentation



2.1. Research Data

2.2. Assumptions



3.1. Research Highlights



4.1. Market Drivers

4.2. Market Restraints

4.3. Porter’s Five Force Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis



5.1. Introduction

5.2. PCs/Laptops

5.3. Smartphones



6.1. Introduction

6.2. Money Transfer

6.3. Recharge

6.4. Movie Booking

6.5. Food Ordering

6.6. Others



7.1. Major Players and Strategy Analysis

7.2. Emerging Players and Market Lucrativeness

7.3. Mergers, Acquisitions, Agreements, and Collaborations

7.4. Vendor Competitiveness Matrix



8.1. PayPal

8.2. Google LLC

8.3. Apple Inc.

8.4. Paysafe Limited

8.5. PayToo Corp

8.6. Samsung Group


Google LLC

Apple Inc.

Paysafe Limited

PayToo Corp

Samsung Group