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Worldpay’s payments report predicts growth spurt in UK’s eComm market

Worldpay from FIS’ recently launched 2020 Global Payment Report has revealed that the UK’s eCommerce market is set to be worth £319.8 billion by 2023. The growth is reportedly being boosted by online sales conducted through mobile devices and is increasing at 13% per year, while the desktop-based purchases are growing at 6% per year.

Shane Happach, EVP, head of global eCommerce, Worldpay Merchant Solutions, FIS said, “Convenience is the driving force behind the boom in digital and mobile wallets. Global consumers now expect convenient and connected, omnichannel experiences. ‘Buy Now, Pay Later’ delivers a more intuitive level of convenience and access for consumers than traditional credit cards. As digitally savvy Gen Z consumers come of age, this is especially significant as younger consumers are more used to making snap purchases and then deciding later if they want to keep it.”

The Worldpay report has stated that the Buy Now, Pay Later (BNPL) services are the fastest-growing online payment method in the UK and growing twice as quickly as bank transfers and more than three times the rate of annual growth in digital wallets. It also revealed that the BNPL options are increasing at a rate of 39% in the UK and are expected to double their market share of online purchases by 2023.

“We are reaching a tipping point for eCommerce,” Happach said. “Advanced technologies from voice-enabled commerce to biometric verification are maturing at the same time as digitally native demographics are coming of age and becoming regular consumers. Merchants looking to remain relevant must establish user-friendly applications, deploy omnichannel best-practices that deliver personalization at scale, and reduce friction through the shopping experience.”

The report has emphasised the growth of digital wallets in the UK, an option that accounts for 33% of the market and is growing at a rate of 20% annually. It also forecasted a 52% growth in the eCommerce market by 2023.

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