Mobile payment apps are due to become far more popular in the following year, according to ING

Mobile payments set to surge in coming year

Nearly half of smartphone or tablet owners in the UK are expected to use mobile payment apps over the coming year, a report has found.

But countries such as Turkey, Poland, the USA, Italy, Spain and Romania are all predicted to have higher levels of mobile payment app take-up in the next 12 months, according to the ING International Survey on Mobile Banking.

Of the 15 countries surveyed Turkey was found to have the highest proportion of people with a mobile device intending to use mobile payments in the next 12 months, at 78 per cent.

While only 46 per cent of people in the UK who own a mobile device intend to use a mobile payment app in the next 12 months, 30 per cent already use mobile payments – a figure which was higher than the levels found in France, Germany and Australia.

Across the European countries surveyed, 33 per cent of people have already used a mobile payment app and this is expected to increase to 51 per cent in the next 12 months.

ING senior economist Ian Bright said: “The global market for mobile payments is reported to be growing rapidly and what we’re seeing is a major shift in consumer attitudes and behaviour to support that growth – though not everyone is convinced about moving to a cashless society just yet.”

“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.”

The survey involved more than 14,800 consumers living in Turkey, Poland, Italy, Spain, Romania, the UK, the Czech Republic, France, Germany, Luxembourg, Belgium, Austria, the Netherlands, the US and Australia.

The most common reason cited by respondents for not yet using mobile payment apps was a lack of trust, an issue identified by 42 per cent of Europeans who have not used a mobile payment app.

Of those Europeans who have embraced mobile payments, 48 per cent said they felt more in control of their finances, while one in five said they pay their bills on time more often and 21 per cent said they have never missed a payment since they started using their mobile to move their money about.

Half of those surveyed across Europe said they now use physical cash much less than they did 12 months ago and the trend looks set to continue, with 84 per cent of these people saying they intend to use even less cash in the coming year.

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