UK is the third largest mcommerce market in the world
The United Kingdom is the third largest mobile commerce market in the world. Mcommerce in the UK is worth 55.9 billion euros. With this mobile sales figure, the European country ranks third world wide, with only China (652.6 billion euros) and the US (183.2 billion euros) performing better.
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This is according to new data from Worldpay, which examined online shopping in 36 countries across the globe. It found that mcommerce currently accounts for 38 percent of the 1.13 trillion euros in global ecommerce sales, and that global mcommerce is set to grow 19 percent over the next five years.
Mcommerce UK grows 16% annually
In the United Kingdom, mcommerce leads as the fastest growing channel and is set to grow at a rate of 16 percent annually, to become worth slightly over 100 billion euros by 2022. The study also shows that e-wallets are a popular choice for UK consumers who purchase via mobile. This payment method currently makes up 23.2 percent of online payments in the UK.
“The predicted rise in mobile commerce is a strong vote of confidence for the security and convenience of the UK’s digital payments”, Worldpay writes. “The rapid growth of e-wallets is driven by increased smartphone ownership, faster mobile networks and consumers continually looking for a more seamless payment experience.”
“The UK in particular is a highly-developed market, and with 99 percent of the population connected to the internet, e-wallets are clearly the future of mobile commerce for shoppers – but this is only the beginning”, says Motie Bring of Worldpay. “The latest innovations in device hardware, from voice recognition to facial scanning, are helping make payments more seamless and secure than ever before, prompting consumers to ditch desktop in favor of their smartphone or tablet.”