Use of “buy now, pay later” products in the UK set to more than double by 2023, finds new Worldpay report
Buy Now, Pay Later schemes growing at 39 percent annually in the UK, and set to double their market share by 2023.
UK eCommerce market set to surge 37 percent to £319.8 billion by 2023
Digital wallets set to account for one-third of UK online payments by 2023.
The newly released Worldpay from FIS 2020 Global Payments Report found that eCommerce growth in the U.K. is being fueled by online sales through mobile devices, which are increasing 13 percent per year, while desktop-based purchases are advancing at six percent. Meanwhile, “Buy Now, Pay Later” (BNPL) services are the fastest-growing online payment method in the UK, growing twice as quickly as bank transfers and more than three times the rate of annual growth in digital wallets, according to the new report.
