UK mobile payment provider Zapp has released research which shows that 21 million UK consumers are ready to switch banks to access mobile payments, 33% of these within a year.
According to Zapp’s research, UK consumer usage of mobile payments has risen by 64% in 15 months, and the number planning to do so is set to increase by 48%. Meanwhile, 47% of consumers say they will actively choose to shop online or in-store with a retailer because it accepts mobile payments.
Consumers say their mobile will become their preferred method of payment before the end of the decade for all kinds of purchases, including sandwiches (51%); car fuel (52%); and travel tickets (57%). Almost half plan to use their mobile to pay for electronic products and one in five (20%) even say they would buy a house using a mobile payment.
The research also revealed that 62% of consumers have their mobile within ‘arms reach’ for at least 18 hours of every day, compared to just 55% of consumers when it comes to cash.
Commenting on the research findings, 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 whetted consumers’ appetites. Anticipation levels are running high and our research suggests banks and retailers stand to gain significant competitive advantage from offering and accepting mobile payments early. I’m confident 2015 will prove a tipping point, as simple, secure mobile payments like Zapp become a reality for millions of British consumers.”
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