Forecast: Number of Payment Transactions by Non-banks in the UK

The number of payment transactions by non-banks in the UK exhibited substantial growth from 2013 to 2019, with notable dips in 2020 due to the impact of the COVID-19 pandemic. In 2021, the volume rebounded sharply before stabilizing. As of 2023, the volume stands at 29.37 billion units. The year-on-year change shows a 2.25% increase for 2023. The Compound Annual Growth Rate (CAGR) over the last five years is 2.47%, reflecting a moderate but steady growth phase.

Looking ahead, the forecast indicates a continuation of this growth trend, with a 5-year CAGR projected at 1.7% and an overall growth of 8.78% by 2028.

Future trends to watch for:

• Innovations in fintech and digital payment solutions.
• Potential regulatory changes affecting non-bank payment services.
• Consumer preferences shifting towards contactless and mobile payments.
• Impact of cybersecurity measures on transaction volumes.