Digital Payments Enabled £88 Billion in UK Business Sales Since 2019
A new report from Visa and Public First estimates that digital payments have driven £88 billion in additional sales for UK businesses since 2019. The sector contributed £7.5 billion to the UK economy in 2024.
Digital payment systems have enabled an estimated £88 billion in additional sales for UK businesses since 2019, according to a joint report by Visa and Public First. This equates to approximately £2,500 per business annually over the period and contributed £7.5 billion to the UK economy in 2024.
The research suggests further economic gains are possible through payment innovation. Increased competition and investment in the payments industry could generate an additional £3.8 billion in gross value added by 2030. Broader adoption of digital payments by small and medium-sized enterprises could unlock a further £5.1 billion annually, while faster integration of artificial intelligence into payment technologies could add £4 billion per year from 2030.
Security and trust are identified as critical factors for digital adoption. 79% of surveyed businesses indicated that secure payments are central to their wider technology investment. Conversely, approximately 455,000 UK businesses may have delayed digital technology adoption due to concerns about fraud. The report links fraud to an estimated £16 billion in lost consumer spending annually, with consumer spending declining significantly for months after a fraud event.
Visa and Public First emphasize that continued investment, innovation, and regulatory support are crucial for maintaining the UK's competitiveness in digital payments. Rob Cameron, UK & Ireland Group Country Manager at Visa, stated that digital payments form an essential economic infrastructure where trust is paramount, highlighting Visa's £8 billion investment in payment resilience globally over the past five years.