Prepaid card category constituted 25.0% of the overall cards payments channel in the UK during 2012
The UK Cards and Payments Industry: Emerging Opportunities, Trends, Size, Drivers, Strategies, Products and Competitive Landscape - a new market research report on companiesandmarkets.com
PR-Inside.com: 2014-03-20 22:59:01
In terms of card volume, the UK card payments channel grew at a CAGR of 4.55% during the review period (2008â2012). The largest share of the channel was occupied by the debit card category with 43.8% in 2012, followed by the credit cards category with 27.9%. Over the forecast period, the prepaid cards category is expected to surpass credit cards in terms of card volume to occupy the second-largest share, after debit cards, with 35.5% in 2017.
Banks present competitive pricing strategies and offer attractive introductory interest rates to generate new subscriptions. Many banks extend 0% introductory interest rates on purchases and balance transfers for the first few months as well as competitive annual percentage rates (APRs) on credit cards. There was a considerable increase in the prompt payment of credit card bills during the review period which caused a loss in interest income for many banks. Banks are considering charging an annual fee to compensate for such losses.
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