Industry expectations are not aligned with consumer sentiment when it comes to the future of mobile payments a new survey has shown.

The Compass Plus survey found that almost 60 per cent of industry experts believe that one day traditional wallets will be replaced by mobile wallets. However, when asked how they will pay in 10 years’ time, just six per cent of consumers believed their main payment method would be using a mobile.

The results saw the number of respondents who think a mobile device will be their main payment method in the future was approximately the same as previous surveys - down just 1 per cent from seven per cent in 2015.

However, 42 per cent of consumer respondents’ stated that they did not want to be restricted to just one payment method, and would continue to use multiple channels over the next decade.

The survey also found the number of respondents that had been issued with contactless cards since 2014 had more than doubled, from 29 per cent in 2014 to 62 per cent in 2016.

Maria Nottingham, managing director at Compass Plus GB, said: “Despite consumers not believing the mobile will become their main payment method in the next decade, 67 per cent of the respondents would rather leave their wallet at home than their phone, up from 56 per cent in 2015.

“Regardless of whether or not the mobile will one day become the ‘go-to’ way to pay, what is clear is that for the foreseeable future consumers still want choice.”

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