The UK digital wallet market size reached USD 0.06 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 0.20 Billion by 2033, exhibiting a growth rate (CAGR) of 14.40% during 2025-2033. The UK digital wallet market share is expanding, driven by innovations in payment solutions to make them faster, more convenient, and user-friendly compared to traditional banking services, increasing adoption of wearable payment devices like smartwatches and fitness trackers, and rising popularity of cryptocurrencies.
Report Attribute
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Key Statistics
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Base Year
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2024 |
Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 0.06 Billion |
Market Forecast in 2033 | USD 0.20 Billion |
Market Growth Rate (2025-2033) | 14.40% |
Rise of Wearable Payment Devices
The increasing popularity of wearable payment devices like smartwatches and fitness trackers is impelling the UK digital wallet market growth. Individuals are using wearables to make contactless payments, eliminating the need to carry phones or wallets for convenience. These gadgets are frequently combined with well-known digital wallets, allowing easy transactions by simply tapping the device at checkout counters. Tech-savvy individuals and those looking for a simplified payment process are particularly drawn to the ease and quickness of wearable payments. Retailers are adopting this trend by enhancing their systems to accommodate wearable payments. In 2023, Samsung Electronics teamed up with Mastercard to release the Wallet Express initiative in the UK. This program enabled banks to incorporate Samsung Wallet, allowing users to make safe payments using their Galaxy devices, such as wearable technology. The partnership aimed to offer greater convenience and flexibility for in-store and online payments.
Growing Adoption of Fintech Solutions
The rising adoption of fintech solutions is offering a favorable UK digital wallet market outlook. Financial technology companies are introducing new payment options that are quicker, easier to use, and more convenient than traditional banking services. These companies are leveraging digital wallets as part of their broader strategy to shift away from conventional financial systems, offering individuals alternative ways to manage their money. Digital wallets are becoming crucial tools for modern banking, owing to their capabilities like peer-to-peer transfers, bill payments, and international remittances. Additionally, fintech companies are collaborating with conventional banks to incorporate digital wallet functionalities into their services, enabling clients to utilize a broader selection of financial services on their smartphones. In 2024, Revolut, a fintech company based in the UK, unveiled its mobile wallet feature to ease cross-border money transactions, which only needed simple identification details, such as a phone number or email address. This feature provided added convenience for expatriates and international students by providing fast and cost-effective transfers.
Increasing Popularity of Cryptocurrency Payments
With the rise in popularity of cryptocurrencies in the UK, the ability of digital wallets to support crypto transactions is attracting a new segment of users. Many digital wallets have the capability to store, transfer, and trade cryptocurrencies as well as regular currencies. This is appealing to people and investors seeking to use digital currencies for payments or investments. The increasing acceptance of cryptocurrencies as valid forms of payment in certain businesses is making digital wallets more versatile, accommodating the growing interest in decentralized finance. In 2024, MetaMask teamed up with Mastercard and Baanx to introduce the MetaMask Card in the UK and EU. This card enabled users to conduct immediate purchases by utilizing funds from their MetaMask wallet, with cryptocurrency being instantly converted to traditional currency upon transaction.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the regional level for 2025-2033. Our report has categorized the market based on type, deployment type, and industry vertical.
Type Insights:
The report has provided a detailed breakup and analysis of the market based on the types. This includes proximity and remote.
Deployment Type Insights:
A detailed breakup and analysis of the market based on the deployment types have also been provided in the report. This includes on-premise and cloud.
Industry Vertical Insights:
The report has provided a detailed breakup and analysis of the market based on the industry verticals. This includes education, gaming, information technology and telecommunications, aerospace and defense, legal, media and entertainment, automotive, banking financial services and insurance, consumer goods, and others.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, and others.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Billion USD |
Scope of the Report |
Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Types Covered | Proximity, Remote |
Deployment Types Covered | On-Premise, Cloud |
Industry Verticals Covered | Education, Gaming, Information Technology and Telecommunications, Aerospace and Defense, Legal, Media and Entertainment, Automotive, Banking Financial Services and Insurance, Consumer Goods, Others |
Regions Covered | London, South East, North West, East of England, South West, Scotland, West Midlands, Yorkshire and The Humber, East Midlands, Others |
Customization Scope | 10% Free Customization |
Post-Sale Analyst Support | 10-12 Weeks |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
Key Questions Answered in This Report:
Key Benefits for Stakeholders: