Industry Statistics and Trends
Market size and recent performance (2014-2029)
Industry revenue has grown at a CAGR of 7.0 % over the past five years, to reach an estimated £9.7bn in 2024.
Trends and Insights
More card payments mean higher revenue
- According to UK Finance, card payments outnumbered cash payments for the first time in 2017. The sustained downturn in cash usage since then has benefitted the industry in terms of transaction volumes and revenue.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Payment system providers reap the rewards of resilient demand for payment services
- The critical role of payment systems in the UK's economy means that demand for payment systems will remain strong in the years to come.
Biggest companies in the Payment Systems in the UK
| Company | Market Share (%)
2025 | Revenue (£m)
2025 |
|---|---|---|
Visa Europe Ltd | 5,854.9 | |
American Express Services Europe Ltd | 2,215.5 | |
Mastercard Payment Gateway Services Group Ltd | 340.2 |
To view the market share and analysis for all 5 top companies in this industry, view purchase options.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Bankers’ Automated Clearing Services, Visa and Faster Payments. Bankers’ Automated Clearing Services is the largest segment of the Payment Systems in the UK.
Trends and Insights
Bankers' Automated Clearing Services (BACS) grow with the increase in pension payments
- The BACS payment system enables efficient money transfers between bank accounts, benefitting both businesses and individuals. . In 2018, BACS (the company responsible for operating the BACS system) became a subsidiary of PAY.UK.
- More insights available in the full report
Table of Contents
About this industry
Industry definition
This industry is comprised of companies that operate payment network infrastructure in the UK. These networks allow authorised payment and e-money institutions to provide aggregated payment services to consumers. Networks include both debit and credit cards, bank transfers and ATM system infrastructure. The industry doesn't include the Clearing House Automated Payment System used for intrabank pound sterling transfers.
What's included in this industry?
Bankers’ Automated Clearing ServicesVisaFaster PaymentsLINKCheque and credit clearingCompanies
Visa Europe LtdAmerican Express Services Europe LtdMastercard Payment Gateway Services Group LtdPurchase this report to view all 5 major companies in this industry.
Related Terms
PSPEMIEEARTGSCHAPSCRESTBACSIndustry Code
SIC 62.01 - Payment Systems in the UK
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Climbing card payments and growing e-commerce drive revenue growth. The declining use of cash, bolstered by the convenience of contactless payments, and soaring online shoppi...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2014-2023) and forecast (2024-2029)
- Employees, including historical (2014-2023) and forecast (2024-2029)
- Businesses, including historical (2014-2023) and forecast (2024-2029)
- Profit, including historical (2014-2024)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
More pension payments fuel BACS growth. Automatic pension enrolment has hiked the number of pension payments being made through the system, but growth is slowing now that the...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2024
- Product innovation level
Charts
- Products & services segmentation in 2024
- Major market segmentation in 2024
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
London's talent pool draws in payment systems. The city's vast tech and finance sectors create a workforce adept in computer science and finance – both are key in this indust...
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each region
- Share of population compared to establishments in each region in 2024
Tables
- Number and share of establishments in each region in 2024
- Number and share of revenue each region accounts for in 2024
- Number and share of wages each region accounts for in 2024
- Number and share of employees in each region in 2024
Detailed analysis
- Geographic spread of the industry across Europe, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
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.
Analyst insights
Technical expertise is paramount to staying competitive. It can bolster security and enhance system efficiency, giving companies an edge in a fiercely contested market.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2019-2024
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Widespread adoption keeps Visa on top. With its cards making up a whopping 97% of debit cards issued in the UK in 2018, Visa maintains an iron grip on the UK’s payment system...
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2020 through 2024
- Major companies in the industry, including market share, revenue, profit and profit margin in 2024
- Overview of Visa Europe Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of American Express Services Europe Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of Mastercard Payment Gateway Services Group Ltd's performance by revenue, market share and profit margin from 2018 through 2024
- Overview of revenue, market share and profit margin trend for 2 additional companies
Detailed analysis
- Description and key data for Visa Europe Ltd, and factors influencing its performance in the industry
- Description and key data for American Express Services Europe Ltd, and factors influencing its performance in the industry
- Description and key data for Mastercard Payment Gateway Services Group Ltd, and factors influencing its performance in the industry
- Description, key data and performance trends for 2 additional companies
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Continued access to the Single Euro Payments Area aids international revenue. UK payment system providers breathed a sigh of relief when the UK was granted continued access t...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2014-2029)
- Assistance historical data and forecast (2014-2029)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Payment systems' profit continues to climb. This uptick is being driven by significant revenue gains and reduced wage costs, alongside the boost given to card transactions an...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2018-2022)
- Coverage Ratios (2018-2022)
- Leverage Ratios (2018-2022)
- Operating Ratios (2018-2022)
- Assets (2018-2022)
- Liabilities (2018-2022)
- Cash Flow & Debt Service Ratios (2014-2029)
- Revenue per Employee (2014-2029)
- Revenue per Enterprise (2014-2029)
- Employees per Establishment (2014-2029)
- Employees per Enterprise (2014-2029)
- Average Wage (2014-2029)
- Wages/Revenue (2014-2029)
- Establishments per Enterprise (2014-2029)
- IVA/Revenue (2014-2029)
- Imports/Demand (2014-2029)
- Exports/Revenue (2014-2029)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2014-2029)
- IVA (2014-2029)
- Establishments (2014-2029)
- Enterprises (2014-2029)
- Employment (2014-2029)
- Exports (2014-2029)
- Imports (2014-2029)
- Wages (2014-2029)
Top Questions Answered
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Payment Systems in the UK industry in United Kingdom in 2024?
The market size of the Payment Systems in the UK industry in United Kingdom is £9.7bn in 2024.
How many businesses are there in the Payment Systems in the UK industry in 2024?
There are 8 businesses in the Payment Systems in the UK industry in United Kingdom, which has grown at a CAGR of 2.7 % between 2019 and 2024.
Has the Payment Systems in the UK industry in United Kingdom grown or declined over the past 5 years?
The market size of the Payment Systems in the UK industry in United Kingdom has been growing at a CAGR of 7.0 % between 2019 and 2024.
What is the forecast growth of the Payment Systems in the UK industry in United Kingdom over the next 5 years?
Over the next five years, the Payment Systems in the UK industry in United Kingdom is expected to grow.
What are the biggest companies in the Payment Systems in the UK market in United Kingdom?
The biggest companies operating in the Payment Systems market in United Kingdom are Visa Europe Ltd, American Express Services Europe Ltd and Mastercard Payment Gateway Services Group Ltd
What does the Payment Systems in the UK in United Kingdom include?
Bankers’ Automated Clearing Services and Visa are part of the Payment Systems in the UK industry.
Which companies have the highest market share in the Payment Systems in the UK in United Kingdom?
The company holding the most market share in United Kingdom is Visa Europe Ltd.
How competitive is the Payment Systems in the UK industry in United Kingdom?
The level of competition is low and increasing in the Payment Systems in the UK industry in United Kingdom.
Related Industries
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Competitors
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International industries
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Methodology
How are IBISWorld reports created?
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.
What data sources do IBISWorld analysts use?
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:
- Office for National Statistics
- Office for Budget Responsibility
- Bank of England
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:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
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.
How does IBISWorld forecast its data?
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.
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