United Kingdom Digital Wallet Market - Forecasts from 2025 to 2030

The United Kingdom digital wallet market is expected to grow at a CAGR of 16.52%, reaching a market size of US$381.114 billion in 2030 from US$177.517 billion in 2025.

A digital wallet is a virtual platform that allows users to store and manage their payment information securely on their smartphones or other digital devices. It enables users to make online payments, store loyalty cards, access digital coupons, and perform various other financial transactions conveniently. The widespread usage of smartphones in the UK has created a favourable environment for digital wallets.

Moreover, the UK e-commerce industry is still expanding at an exponential rate. Consequently, customers are increasingly demanding the best of both worlds and internet shopping is merging into a conventional store-based business. Owing to rising internet penetration and expanding smartphone usage, more individuals are embracing digital wallets to complete purchases.

The increased penetration of the internet is playing an important role in the increased digital payment usage. In the UK, individuals using the internet increased from 94.8% in 2020 to 95.3% in 2022. The E-wallet payment system offers services outside of processing payments to businesses, like integrating loyalty cards and serving marketing functions.

United Kingdom digital wallet Market Drivers

• Rising Contactless Payments are contributing to the United Kingdom's digital wallet market expansion

The UK has witnessed a significant rise in contactless payment adoption, where users can make payments by simply tapping their cards or smartphones on a payment terminal. Digital wallets facilitate contactless payments by securely storing card information and enabling quick and convenient transactions. Moreover, these digital wallets offer a convenient and secure alternative to traditional payment methods. Users can store multiple payment options in a single app, eliminating the need to carry physical cards. Additionally, digital wallets employ encryption and tokenization techniques to protect sensitive information, enhancing security and reducing the risk of fraud.

United Kingdom digital wallet Market Geographical Outlook

• Scotland is witnessing exponential growth during the forecast period.

The use of smartphones and the internet makes digital wallets easily accessible to a huge percentage of the Scottish population. According to the Scottish Government, 98% of internet users use it at home, while 67% of internet users access the internet on the move through mobile phones or tablets. In addition, the usage of mobile gadgets among Scots in several contexts, including purchasing and payments, has boosted the interest in digital wallets. It also offers convenience because one does not have to deal with real cards or cash when using an e-wallet.

Furthermore, Scottish customers are growing more conscious of the need for data protection, which further fuels the demand for digital wallets with superior security features. Scotland-based digital wallet companies have had to experience a substantial influence on the General Data Protection Regulation (GDPR) in the UK as far as customer data is concerned. Moreover, most digital wallets have incorporated loyalty programs and personalized offers which give Scottish customers spurs the use of digital wallets.

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Report Coverage:

• Historical data & forecasts from 2022 to 2030
• Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
• Competitive Positioning, Strategies, and Market Share Analysis
• Revenue Growth and Forecast Assessment of segments and regions including countries
• Company Profiling (Strategies, Products, Financial Information, and Key Developments among others)

The United Kingdom digital wallet market is segmented and analyzed as follows:

By Device

• PC/Laptops
• Mobile

By Application

• Money Transfer
• Recharge
• Movie Booking
• Food Ordering
• Others

By Region

• England
• Wales
• Scotland
• Northern Ireland