Around 185 million consumers in Europe are expected to use mobile payment apps over the next 12 months, according to an ING survey of more than 14,000 individuals around the world.
The survey found that while 33% of Europeans with access to a mobile device such as a smart phone or tablet have already used a mobile payment app, this figure is expected to increase to 51% over the next year.
Mobile device owners in Turkey (56%) and Poland (43%) are leading the way when it comes to embracing mobile payments, while the Netherlands was rated the most developed mobile banking market, with the US and UK following.
Around half of respondents in Europe say they are using physical cash less than 12 months ago, with consumers in Turkey, Poland and Italy are giving up cash at the fastest rate.
ING senior economist Ian Bright says: “While physical cash still has its place in society, mobile payment apps are giving consumers greater freedom when it comes to managing their finances. The instant visibility offered by mobile banking also means more consumers feel in control of their finances, claiming to have avoided missing payments and keeping on top of bills.”