United Kingdom

With the UK being at the international forefront of Fintech, as well as a major market in Payment innovation, Intercash can offer an abundancy of local solutions to help cater to and grow our client’s position in the UK Market.

The United Kingdom has historically had a highly developed economy, and that trend continues today; it is the sixth-largest national economy in the world measured by nominal gross domestic product (GDP), ninth-largest by purchasing power parity (PPP), and 22nd largest by GDP per capita, comprising 3.3% of world GDP.  

 

The UK is one of the most powerful economies in the world. While the fallout from Brexit is still unclear, it has already had an impact on ecommerce; UK consumers are world leaders when it comes to mobile shopping. Additionally, debit cards are quite popular, with the average consumer holding between 2-3 cards per person. Cards account for nearly 90% of all online payments, while online banking is virtually non-existent. 

 

With regards to industries, financial service verticals remains significant for the region, with London, England currently the second-largest financial center in the world. As one of the most globalized economies in the world, the UK has a strong need for global payment solutions. 

About the United Kingdom

Solution

GBP currency

Faster payments 

Domestic bank transfers

Domestic issuing and rates

Overseen by FCA

FX services to convert GBP to dozens of other currencies

Domestic ATM services

Contactless payments for TFL

Localized support

Local credit card and cash top-ups

Visa and Mastercard Issuing options

Population

67.5 million

Gross domestic product

€2.2 trillion

E-commerce market value

€178.5 billion

Mobile commerce market size

€91 billion

Mobile commerce as a percentage of e-commerce market size

51%

Internet penetration

94.7%

Smartphone penetration

70.8%

Bank account penetration

96.4%

Card penetration per capita (debit & credit)

2.48

Overview

Preferred e-Commerce Methods

E-commerce completed on a mobile device

€91 billion

Mobile commerce completed in-app

€39.6 billion 

Mobile commerce completed on a browser

€51.4 billion

With local solutions available in the region, Intercash can support your business in the UK.