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Comparing payment options in the UK and Hungary
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In 2024, most people in the developed world prefer paying by card, or at least often utilise this option. The use of cash is getting further and further into the background while a growing number of retail chains and businesses introduce the option to pay by card. In this article, we are comparing the payment options in the UK and Hungary.
Payment options in the UK
Payment options in the United Kingdom are as diverse as the country and its economy. According to pay.com, the United Kingdom (England, Scotland, Wales, and Northern Ireland) “has the third-largest e-commerce market in the world”, which means that you have uncountable options to get whatever you need from the comfort of your home, using the internet. (If you’re interested in combining pleasure with business, you can also take part in a pay by phone bill casino in the UK!)
Let’s look at the five most preferred payment methods in the UK:
| 1. Debit and credit cards | 2. Cash | 3. Contactless payment | 4. Digital wallet | 5. Direct debit |
| 97% of UK residents have debit card for daily spendings | Percentage of cash payments in 2021: only 15% | Contactless payments were used in 32% of transactions in 2021 | Digital wallet consumers use this method at least once/month | 90% of UK residents pay bills with direct bank account transfers |
As can be seen from the above chart, using debit and credit cards is the most popular payment method across the United Kingdom. Even though cash is the second, its usage is steadily declining. With the rise of digital payment methods, fewer and fewer people keep cash in their wallets and pockets. According to pay.com, the percentage of cash payments declined from 62% in 2006 to just 15% in 2021.
Contactless payments have soared in popularity in the UK recently. While in 2016, only 7% of transactions saw contactless payment as the chosen method, this percentage jumped to 32% in 2021. As for digital wallets, the most popular digital wallets in the UK are Google Pay, Samsung Pay, and Apple Pay. Direct bank transfer is the 5th most popular payment method, with 4.6 billion transactions in 2021.