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United Kingdom Check Cashing Services Market Size, Share: By Type: Pre-printed Checks, Payroll Checks, Government Checks, Tax Checks, Others; By Service Provider: Credit Unions, Banks, Others; Regional Analysis; Market Dynamics: SWOT Analysis, Porter’s Five Forces Analysis, Key Indicators for Demand; Competitive Landscape; 2024-2032
United Kingdom Check Cashing Services Market Size
The United Kingdom check cashing services market is projected to grow at a CAGR of 4.2% between 2024 and 2032.
| United Kingdom Check Cashing Services Market Report Summary | Description | Value |
| Base Year | USD Million | 2023 |
| Historical Period | USD Million | 2018-2023 |
| Forecast Period | USD Million | 2024-2032 |
| Market Size 2023 | USD Million | XX |
| Market Size 2032 | USD Million | XX |
| CAGR 2018-2023 | Percentage | XX% |
| CAGR 2024-2032 | Percentage | 4.2% |
| CAGR 2024-2032 - Market by Region | Scotland | 4.6% |
| CAGR 2024-2032 - Market by Region | England | 4.0% |
| CAGR 2024-2032 - Market by Type | Government Checks | 4.7% |
| CAGR 2024-2032 - Market by Service Provider | Credit Unions | 4.7% |
| Market Share by Region | England | 86.2% |
United Kingdom Check Cashing Services Market Outlook
- As per an article in the Bank of England, the banking sector of the UK could account for 950 per cent of the GDP by 2050, creating lucrative opportunities for check cashing applications.
- According to UK Finance, around 22 million people in the UK relied on cash once or less than once a month in 2022, providing a steady market for checks.
- As per the industry reports, in 2022, 44 per cent of people with current accounts and 78 per cent of businesses issue at least one check annually in the region.
United Kingdom Check Cashing Services Market Growth
The growing demand for financial services, a rise in payroll and government checks and a burgeoning need for rapid financial transactions are some of the major driving factors in the market. A large number of customers in the UK seek immediate access to their funds and check cashing services meet this demand by providing instant cash without the typical waiting period associated with bank deposits.
Furthermore, the region is also home to a large number of economic migrants such as temporary labourers and immigrants, who frequently use alternative financial services, such as check cashing to handle their finances in the absence of a traditional bank account. Several check cashing services are further expanding their offerings to encompass additional financial options such as money transfers, payday loans, and bill payments to offer a one-stop financial hub for their clientele.
United Kingdom Check Cashing Services Industry Segmentation
“United Kingdom Check Cashing Services Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:
| CAGR 2024-2032 - Market by | Type |
| Government Checks | 4.7% |
| Pre-printed Checks | 4.0% |
| Payroll Checks | XX% |
| Tax Checks | XX% |
| Others | XX% |
Market Breakup by Type
- Pre-printed Checks
- Payroll Checks
- Government Checks
- Tax Checks
- Others
| CAGR 2024-2032 - Market by | Service Provider |
| Credit Unions | 4.7% |
| Banks | 4.0% |
| Others | XX% |
Market Breakup by Service Provider
- Credit Unions
- Banks
- Others
| CAGR 2024-2032 - Market by | Region |
| Scotland | 4.6% |
| England | 4.0% |
| Wales | XX% |
| Northern Ireland | XX% |
Market Breakup by Region
- England
- Wales
- Scotland
- Northern Ireland
United Kingdom Check Cashing Services Market Share
Based on service provider, the market is divided into credit unions, and banks, among others. Over the forecast period, banks are expected to witness a CAGR of 4.0% between 2024-2032 as banks are widely spread across the UK, with many branches and ATMs, making it easy for customers to cash checks at these locations. Moreover, the high public trust in banks to offer secure financial transactions along with the growing number of customers with bank accounts finding it convenient to cash checks where they do their other banking activities, boost the segment growth. Meanwhile, credit unions are expected to witness a CAGR of 4.7% between 2024-2032 due to their flexible nature.
| Market Share by | Region |
| England | 86.2% |
| Wales | XX% |
| Scotland | XX% |
| Northern Ireland | XX% |
Leading Companies in the United Kingdom Check Cashing Services Market
The market players are readily offering online check cashing services to reduce visits to physical branches.
- Harvey and Thompson Limited
- Cash Shop Limited
- Cash Monkey
- Advancing Limited
- Cash Gen UK Limited
- Money Station
- European Change Consulting Limited
- Others
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
|
| Breakup by Type |
|
| Breakup by Service Provider |
|
| Breakup by Region |
|
| Market Dynamics |
|
| Competitive Landscape |
|
| Companies Covered |
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- Beta
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Europe Check Cashing Services Market Overview
8.1 Key Industry Highlights
8.2 Europe Check Cashing Services Historical Market (2018-2023)
8.3 Europe Check Cashing Services Market Forecast (2024-2032)
9 United Kingdom Check Cashing Services Market Overview
9.1 Key Industry Highlights
9.2 United Kingdom Check Cashing Services Historical Market (2018-2023)
9.3 United Kingdom Check Cashing Services Market Forecast (2024-2032)
10 United Kingdom Check Cashing Services Market by Type
10.1 Pre-printed Checks
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Payroll Checks
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Government Checks
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
10.4 Tax Checks
10.4.1 Historical Trend (2018-2023)
10.4.2 Forecast Trend (2024-2032)
10.5 Others
11 United Kingdom Check Cashing Services Market by Service Provider
11.1 Credit Unions
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Banks
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
11.3 Others
12 United Kingdom Check Cashing Services Market by Region
12.1 England
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Wales
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
12.3 Scotland
12.3.1 Historical Trend (2018-2023)
12.3.2 Forecast Trend (2024-2032)
12.4 Northern Ireland
12.4.1 Historical Trend (2018-2023)
12.4.2 Forecast Trend (2024-2032)
13 Market Dynamics
13.1 SWOT Analysis
13.1.1 Strengths
13.1.2 Weaknesses
13.1.3 Opportunities
13.1.4 Threats
13.2 Porter’s Five Forces Analysis
13.2.1 Supplier’s Power
13.2.2 Buyer’s Power
13.2.3 Threat of New Entrants
13.2.4 Degree of Rivalry
13.2.5 Threat of Substitutes
13.3 Key Indicators of Demand
13.4 Key Indicators of Price
14 Competitive Landscape
14.1 Market Structure
14.2 Company Profiles
14.2.1 Harvey and Thompson Limited
14.2.1.1 Company Overview
14.2.1.2 Product Portfolio
14.2.1.3 Demographic Reach and Achievements
14.2.1.4 Certifications
14.2.2 Cash Shop Limited
14.2.2.1 Company Overview
14.2.2.2 Product Portfolio
14.2.2.3 Demographic Reach and Achievements
14.2.2.4 Certifications
14.2.3 Cash Monkey
14.2.3.1 Company Overview
14.2.3.2 Product Portfolio
14.2.3.3 Demographic Reach and Achievements
14.2.3.4 Certifications
14.2.4 Advancing Limited
14.2.4.1 Company Overview
14.2.4.2 Product Portfolio
14.2.4.3 Demographic Reach and Achievements
14.2.4.4 Certifications
14.2.5 Cash Gen UK Limited
14.2.5.1 Company Overview
14.2.5.2 Product Portfolio
14.2.5.3 Demographic Reach and Achievements
14.2.5.4 Certifications
14.2.6 Money Station
14.2.6.1 Company Overview
14.2.6.2 Product Portfolio
14.2.6.3 Demographic Reach and Achievements
14.2.6.4 Certifications
14.2.7 European Change Consulting Limited
14.2.7.1 Company Overview
14.2.7.2 Product Portfolio
14.2.7.3 Demographic Reach and Achievements
14.2.7.4 Certifications
14.2.8 Others
15 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Europe Check Cashing Services Market: Key Industry Highlights, 2018 and 2032
2. United Kingdom Check Cashing Services Market: Key Industry Highlights, 2018 and 2032
3. United Kingdom Check Cashing Services Historical Market: Breakup by Type (USD Million), 2018-2023
4. United Kingdom Check Cashing Services Market Forecast: Breakup by Type (USD Million), 2024-2032
5. United Kingdom Check Cashing Services Historical Market: Breakup by Service Provider (USD Million), 2018-2023
6. United Kingdom Check Cashing Services Market Forecast: Breakup by Service Provider (USD Million), 2024-2032
7. United Kingdom Check Cashing Services Historical Market: Breakup by Region (USD Million), 2018-2023
8. United Kingdom Check Cashing Services Market Forecast: Breakup by Region (USD Million), 2024-2032
9. United Kingdom Check Cashing Services Market Structure
Key Questions Answered in the Report
The market is estimated to grow at a CAGR of 4.2% between 2024 and 2032.
The market is being driven due to growing demand for financial services, a rise in payroll and government checks and a burgeoning need for rapid financial transactions.
The key trends aiding the market include the rise of economic migrants, diversification of services, and growing demand for enhancing customer services.
Regions considered in the market are England, Wales, Scotland, and Northern Ireland.
Based on type, market segmentations include pre-printed checks, payroll checks, government checks, and tax checks, among others.
Different service providers are credit unions and banks, among others.
The major players in the market are Harvey and Thompson Limited, Cash Shop Limited, Cash Monkey, Advancing Limited, Cash Gen UK Limited, Money Station, and European Change Consulting Limited, among others.
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