£11.9bn
£X.Xbn
21,472
2,067
£X.Xbn
The Payment Service Providers industry's revenue is expected to expand at a compound annual rate of 2.7% over the five years through 2024-25. The continued rise of e-commerce and the mounting popularity of contactless card spending have spurred significant growth. The pandemic-induced lockdowns fuelled the surge in online shopping. Concurrently, cash's decline and card payments' rising share, particularly contactless ones, have backed this solid performance further. The Financial Conduct Authority's hike in the contactless limit to £100 in October 2021 only amplified this trend.
Industry revenue has grown at a CAGR of 3.0 % over the past five years, to reach an estimated £11.9bn in 2024.
Market size is projected to grow over the next five years.
Company | Market Share (%)
2024 | Revenue (£m)
2024 |
---|---|---|
Worldpay Finance Ltd | 1,398.5 | |
PayPal Holdings Inc | 1,104.1 | |
Barclays Bank plc | 844.9 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Industry revenue is measured across several distinct product and services lines, including Debit cards, Direct debit and Credit cards. Debit cards is the largest segment of the Payment Service Providers in the UK.
Debit cards are commonplace in the UK supporting revenue
The Payment Service Providers industry comprises authorised payment and e-money institutions that provide systems for accepting electronic payments, including credit and debit cards, bank transfers and other real-time money transfers. The industry does not include payment network firms or firms facilitating payments through cryptocurrencies.
Purchase this report to view all 5 major companies in this industry.
SIC 62.01 - Payment Service Providers in the UK
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Digital payments surge amid the pandemic. The COVID-19 pandemic has fast-tracked the adoption of digital payments like cards and cryptocurrencies, as consumers lean towards c...
Learn about an industry's products and services, markets and trends in international trade.
Debit card dominance bolsters cashless payments. Facilitated by easy-to-use point-of-sale technologies, the ubiquity of debit card ownership in the UK has significantly bolst...
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Skilled workers are vital for payment service providers. Having employees with knowledge in finance and computer systems is crucial in designing and maintaining payment servi...
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Economies of scale benefit major payment providers. By leveraging their large scale, these companies can negotiate lower fees with card companies and lower merchants' fees, t...
Learn about the performance of the top companies in the industry.
Worldpay ventures into cryptocurrency transactions. The London-based financial firm Worldpay recently announced plans to welcome payments in USDC, a stablecoin tied directly ...
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Payment services face rigorous security requirements. Regulations, such as PCI DSS and Payments Services Regulations 2017, protect consumer details by promoting data encrypti...
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
The shift to online payments powers payment service providers' profit. Improved technology, card payments and the leap to online shopping have improved profitability for paym...
Including values and annual change:
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in the UK include:
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Unlock comprehensive answers and precise data upon purchase. View purchase options.
The market size of the Payment Service Providers in the UK industry in United Kingdom is £11.9bn in 2024.
There are 2,067 businesses in the Payment Service Providers in the UK industry in United Kingdom, which has grown at a CAGR of 4.4 % between 2019 and 2024.
The market size of the Payment Service Providers in the UK industry in United Kingdom has been growing at a CAGR of 3.0 % between 2019 and 2024.
Over the next five years, the Payment Service Providers in the UK industry in United Kingdom is expected to grow.
The biggest companies operating in the Payment Service Providers market in United Kingdom are Worldpay Finance Ltd, PayPal Holdings Inc and Barclays Bank plc
Debit cards and Direct debit are part of the Payment Service Providers in the UK industry.
The company holding the most market share in United Kingdom is Worldpay Finance Ltd.
The level of competition is moderate and increasing in the Payment Service Providers in the UK industry in United Kingdom.