Executive Summary

Entrenched habits and perception challenges have stalled UK mobile payment market growth. Shifting strategy toward engagement—while also seeking out new users at the margins—can drive expansion amid economic uncertainty.

Key Question: Faced with a saturated market, how can UK banks and wallet providers increase wallet engagement?

KEY STAT: Just over a quarter of smartphone users in the UK have adopted proximity mobile payments, signaling broader stagnation in a market that needs to pivot toward driving engagement.