With the recent launch by Barclays Bank and Barclaycard of Apple Pay, the vast majority of Visa cardholders in the UK now have access to new ways to pay and the momentum behind mobile payments growth continues. For these consumers, it’s another step towards becoming a “cash-last” society, as they embrace the possibilities that mobile payments offer.
Over the past year, we’ve seen pieces of the mobile payments jigsaw come together, from the availability of a widening array of mobile payment services to the widespread roll-out of contactless payments. In fact, our Mobile Money study predicted that 50% of consumers expect to use their mobile phones to pay for things on a weekly basis over the next five years – and with that upsurge we can expect an increase in spend levels, too. In fact we expect mobile payments to constitute 50% of our processing volume by the year 2020.
Mobile phones and tablets have become our “go-to” devices, for communication, entertainment, accessing information, and now day-to-day commerce. Evidently European consumers expect these experiences to be quick and convenient every step of the way.
Our Mobile Money study also found that consumers are ready and eager for mobile payments. Six in ten Europeans expressed interest in using mobile to pay for everyday items as well as high value payments or making in-app money transfers. In markets like Poland, where cloud-based mobile payments are advancing particularly fast, 72% say they are interested in the payment potential mobile technology offers.
In the context of Tuesday’s launch, the results of our study show a European consumer already keen to adopt mobile payment technology and looking to the future to see what’s next.