Tag: mobile payments uk

Mobile payments will be mainstream soon, says 1 in 3 consumers

In the U.K., a rising number of people feel that they will be using their smartphones regularly in stores.

Though mobile payments have been slow to take off, they are rapidly becoming more popular and now a new study based on a survey from Lloyds Bank has shown that many consumers feel that they will be regularly using this tech within five years from now.

In fact, one quarter of the study participants felt that by the end of 5 years, mobile phones would replace cash.

One in four participants in the U.K. study felt that between mobile payments and contactless cards, they would no longer need to carry cash. Moreover, recent statistics from Barclaycard have revealed that contactless spending in the United Kingdom is three times greater than it had been a year ago. In the Lloyds survey, conducted by Ipsos Mori, with the participation of more than 2,000 people, 43 percent of consumers agreed that technology is the way that payments are going in the future.

The survey also showed that 1 in 3 people feel that mobile payments will be used daily in five years’ time.

Report - Mobile PaymentsOver the summer, Apple Pay made its way into the U.K., drawing a considerable spotlight to the concept of mobile wallets. That said, while there are quite a few people who believe that mobile devices will become a typical payment method within the next five years, there also remains a much larger number that has stated that this technology will never become their primary choice for completing payment transactions.

According to the stats from the survey, it looks as though it is younger consumers who are more enthusiastic about the use of their mobile devices for this purpose than their counterparts who are 45 years of age or older.

When survey participants were asked about why they were not yet using mobile payments, 44 percent stated that they were not satisfied with the security or safety of the transactions. Another 18 percent said that their mobile devices were not compatible with the necessary technology, and 17 percent said that they didn’t know anything about this form of transaction.

UK leads the world in mobile payments

Report shows that mobile commerce is growing rapidly throughout the world

The United Kingdom leads the world in terms of mobile payments, according to a new study compiled by Adyen, a payment technology company. More consumers in the United Kingdom are beginning to use their mobile devices for a wide range of activities, including shopping for products that they are interested in. This is not a trend that exists in the United Kingdom alone, of course, as much of the world is becoming more involved in the mobile commerce scene.

44% of all online transactions made in the United Kingdom have been made through a mobile device of some kind

According to the report from Adyen, nearly 27% of all global online transactions during the first quarter of this year were made using a mobile device. This is a 39% increase over the mobile payments that were made during the same period of 2014. In the United Kingdom, some 44.4% of all online transactions are being made through a smartphone or tablet. The country is leading the way in terms of mobile payments and has established itself as a prominent mobile market.

Efficient payment infrastructure and competitive mobile network industry provides consumers with more options

UK Mobile Payments LeaderAdyen suggests that the United Kingdom’s position as a leader in the mobile payments industry highlights the country’s robust payment infrastructure. This infrastructure has made it possible for mobile consumers to participate in digital commerce more easily, giving them the tools they need to engage businesses and one another through financial means. The UK is also home to a highly competitive mobile network industry, with several companies vying for the support of consumers that are interested in all things mobile-centric.

UK expected to retain its position in the mobile payments space in the coming years

Competition among these companies has lead to an increase in the number of mobile commerce services that are available to consumers. A greater number of mobile commerce options has made it easier for people to become involved in this space. The United Kingdom is not expected to lose its top position in the mobile payments space in the near future.