In UK, Mobile Banking and Mobile Payments Go Mainstream

22. January 2018.

So what’s the allure of mobile payments among UK smartphone users? It’s chiefly convenience. While about four in 10 respondents said they liked using mobile payments as a back up for payment cards and cash, 35% said they chose mobile payment platforms for their convenience. In addition, almost three in 10 said mobile payments were quick and easy.

Those who had yet to buy into mobile payment platforms cited the potential loss of their phone (48%) and concerns about security (45%) as the chief worries that prevented their adoption.

VocaLink, unsurprisingly, found that uptake of mobile payment services was lowest among older populations, specifically those over the age of 55.

eMarketer estimates the use of mobile proximity payment services will remain relatively low in the UK, with 16.7% of the overall population doing so this year. That translates to 9.2 million people. But eMarketer expects that figure to climb to 12.6 million by 2021.

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