The growth of UK online payments will hit a new record this year, with the total volume of transactions expected to exceed £20bn.
So predicts payment services provider Sage Pay following a study of over 27,000 businesses trading online in the UK. The company also says that the value of a typical online payment will continue to fall, and will be just £70 by December, as shoppers get used to making low value payments more often.
Sage Pay says that transactions grew by 3.9% month on month last year in the run-up to Christmas. At the same time, the size of an average payment fell to £78.96 in 2009, compared to £83.10 12 months previously.
“Over the past five years there has been a noticeable drop in the value of the average transaction, as UK shoppers become more comfortable with making electronic payments for a wider variety of goods,” said Simon Black, Sage Pay’s managing director. “This decline marks a significant milestone in the role of the micropayment, as online shopping becomes a consumer haven for greater choice and better value.”