At the close of 2018, the United Kingdom was named the third largest mcommerce market in the world, worth 55.9 billion euros. This sales figure pushes the UK third world wide, just behind China (652.6 billion euros) and the U.S. (183.2 billion euros).
This data comes from new information shared by Worldpay, which examined online shopping in 36 countries across the globe. According to their research, mcommerce currently accounts for 38 percent of the 1.13 euros in global ecommerce sales. Good news for businesses, Worldpay says global mcommerce is set to grow 19 percent over the next five years.
Even better news for UK merchants, mcommerce grows 16 percent annually – this makes the UK the fastest growing channel. It is projected to be worth slightly over 100 billion euros in 2020.
Of consumer options, the study shows that e-wallets are a popular choice for UK customers that opt to purchase via mobile. As of now, this payment options makes up 23.2 percent of online payments in the United Kingdom.
Worldpay writes that “The predicted rise in mobile commerce is a strong vote of confidence for the security and convenience of the UK’s digital payments. The rapid growth of e-wallets is driven by increased smartphone ownership, faster mobile networks and consumers continually looking for a more seamless payment experience.”
Many merchants are realizing the future is mcommerce. To keep up with consumer preferences and trends, many businesses are searching for the best in payment processing solutions. Choosing the right processors means the difference between having the option to process credit and debit cards and offering the best, most convenient and secure processing options.
The more consumers choose to purchase online, the greater the risk of cyber attacks. To avoid this, merchants are spending more time comparing providers to find one that takes security and chargeback protection very seriously. One of the best sources of merchant account comparison is Best Payment Providers. Merchants can easily compare providers, features and options all in one place.
Motie Bring of Worldpay says, “The UK in particular is a highly-developed market, and with 99 percent of the population connected to the internet, 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 favor of their smartphone or tablet.”
Author Bio: Payment industry expert Taylor Cole is a passionate merchant account expert who understands the complicated world of accepting credit and debit cards at your business. His understanding of the industry has helped thousands of business owners save money and time.