New U.K. research shows the adoption of mobile banking apps is no longer exclusively popular for “digital natives” (those born into the digital age), with take-up being spread across all age groups and segments
TSYS inaugural U.K. M-Payments Consumer research report. The report also found 73% of respondents are likely to use m-payments for in-store purchases in the next two years. Also, one-third of respondents made an m-payment in the last three months and were highly satisfied.
With the increase of choices among consumers, mobile payments is approaching a critical mass, if not maturity. In 2013, worldwide mobile payments reached $154 billion, and it has been predicted that this figure will reach $721 billion by 2017. In the U.K., mobile payments are expected to reach £53.6 billion in the next ten years, and 75 percent of the U.K. population is expected to have a smartphone by 2019.
Surprisingly, 54% of respondents do not think that security is a benefit of m-payments in-store. More than 87% of respondents expressed interest in using m-payments technology if security and fraud protection were guaranteed.
For data, background and forecasts on TSYS: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).