Digital wallet payments set to make up majority of UK online spend by 2030

In the 10 years to 2014 to 2024, the value of online transactions through digital wallets quadrupled and accounted for £108bn in spending last year.

The UK is now third in Europe for online digital wallet use, behind Denmark and Norway. At point of sale, digital wallets have increased from 1% to 18% over 10 years.

It is now forecast that this will rise to 33% by 2030, with £447bn of in-store spending likely to be made via digital wallets.

Buy now pay later (BNPL) has also grown from under 1% of online spend in 2014, to 7% in 2024. By 2030, £33bn of UK online spend is expected to be made via BNPL.

Cash use has also been declining in the past decade, its share of point of sale spending has dropped from 32% to 10% between 2014 and 2024, accounting for £128bn of in-store transactions.

However, the rate of cash’s decline has stabilised and is projected to account for £109bn or 8% of in-store spending by 2030.

Cards made up £1trn of in-store and online spending was conducted using cards in 2024. 

Worldpay Europe, Middle East and Africa general manager Pete Wickes said: “In an era where consumer choice is king, the UK’s payment landscape has become a sophisticated network of diverse options, reflecting the nuanced demands of its users. 

“It reflects a society that values the security and familiarity of traditional payment methods, while simultaneously embracing the efficiency and enhanced experience offered by emerging technologies.”