UK Consumers Finally Notice mPayments

Consumers in the UK are still on the fence about using mobile technology for payments. The plus side is that more Brits have admitted that they now know what a mobile payment is, which puts providers in a better position than the previous year.

According to eMarketer, a new survey conducted by eDigitalResearch reported that UK consumers are no long oblivious to mobile payments. Thirty-nine of participants claimed they had seen mobile payment points and symbols. These results indicated a 15 percent increase in awareness as compared to the prior year’s survey.

Furthermore, consumers who decided to use new mobile technology have been making larger purchases. The average amount spent with mobile payments jumped from £6.76 to £26.84 per transaction in the last twelve months.

Growing Awareness

EDigitalResearch revealed that 59 percent of smartphone users were familiar with mobile wallet technology, and one-in-10 claimed they had already tried using such services. This finding came up short compared to a VocaLink survey that was released earlier this year. VocaLink reported that a little over one-in-five Internet users were utilizing mobile payment services.

Survey results are expected to fluctuate since mobile payments are still reasonably new on the market. However, despite a slight difference in figures, one thing remains consistent: mobile payment awareness appears to be on the rise.

User Demographics

EDigitalResearch discovered that male consumers were more likely to become early adopters of mobile payments. Male users accounted for 61 percent of users. The next wave of consumers projected to start using mobile services were those in 35-44 age group.

Lingering Concerns

The survey reported that the majority of consumers listed security as the biggest barrier to mass adoption. Interestingly, an ICM Research study released in January 2013 revealed that a large percentage of Internet users in the UK said that if a bank or mobile provider made sure to compensate for any fraud losses, they would be more apt to adopt such programs. Respondents also stated that the implementation of PIN solutions for every transaction would help them improve their confidence.

To read the eDigitalResearch study click here, or to read the ICM Research study click here.

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