Digital payments via smartphones are quickly becoming a necessity for many individuals in the UK.
A recent survey by Zapp indicates that 21 million British consumers are ready to replace their current bank, should it fall behind in offering the latest mobile payments services.
Peter Keenan, CEO of Zapp, said, “The success of early forms of mobile payment and the buzz around forthcoming launches of mass market initiatives has clearly whetted consumers’ appetites.”
Perhaps the most interesting part of the poll is the age of the respondents who are enthusiastic about making payments with their smartphones. The 35-44 year old demographic are highly prone to adopting mobile payments. Furthermore, 46 percent of the participants are already making payments through their handheld devices.
One of the main factors preventing consumers from adopting mobile payments is the complex setup process. Roughly 71 percent confessed they would be more likely to start using the technology now if the service could be activated instantly.
As for the type of products consumers are willing to purchase through their smartphone, over 50 percent are comfortable with buying electronics, food, paying at the pump, and tickets. While only 1 out of 5 respondents are open to the idea of paying for a house using a mobile device.
“This research shows that anticipation levels are running high and it suggests banks and retailers stand to gain significant competitive advantage from offering and accepting mobile payments early,” mentioned Keenan.
In the next 5 years, analysts expect more businesses to push for alternative payment methods and slowly move away from traditional, cash-based transactions.
When asked about his outlook on the industry, Keenan said, “I’m confident 2015 will prove a tipping point, as simple, secure mobile payments like Zapp become a reality for millions of British consumers.”