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UK Payments & Fintech Report Analysis (2025)

Introduction

This report examines the evolving UK payments and Fintech sector in 2025, highlighting its role in digital transformation. Edgar, Dunn & Company, established in 1978, provides strategic consultancy across payments and financial services, with a global presence.

Key Economic Context

The UK economy faces high inflation but strengthens for higher-income households, supporting consumer spending. Payment cards dominate transactions, with contactless payments growing rapidly, accounting for 38% of consumer payments in 2023.

Regulatory Framework

The UK implements its version of PSD2 through the Payment Services Regulations 2017, driven by initiatives like Open Banking. Regulatory bodies such as the FCA and PSR oversee compliance, with Open Banking seeing over 11 million active users.

Payment Methods

Card payments remain dominant, but digital wallets and alternative payment methods (APMs) are growing. Open Banking enables new services like peer-to-peer and bill payments, increasing digital transaction volume significantly.

Fraud Trends

Payment fraud, including APP and phishing, is decreasing due to Strong Customer Authentication (SCA), but new threats like AI-powered fraud persist. Mandatory reimbursement schemes address vulnerabilities.

Emerging Technologies

Cryptocurrency adoption is increasing, supported by stablecoins and discussions on a UK CBDC. Regulatory clarity is needed, with innovations in blockchain enhancing efficiency.

Acquiring Dynamics

The market is competitive, with incumbents like Worldpay, Barclaycard, and Global Payments dominating, but challengers like Tyl and PayPal are emerging. Fee pass-through remains high, affecting merchants.

Remittances

UK remittances face challenges such as high costs and slow transfers, but digital solutions are improving efficiency, with blockchain and real-time networks gaining traction.

Data Regulations

The Data Use and Access Bill (DUA) aims to enhance data privacy, enabling smart data sharing across sectors while balancing innovation and compliance.

M&A and Fintech Growth

Significant consolidation occurs, with Fintechs securing substantial funding. Case studies like Iwoca and DNA Payments illustrate strategic expansions into B2B payments and acquisitions.

Future Outlook

The sector is moving toward digitization, with Open Banking and smart data driving innovation. Regulatory alignment and consumer trust are critical for sustained growth and global competitiveness.