Forty eight per cent of consumers would choose traditional banks to operate their mobile wallets. At the same time, however, up to a third would seriously consider or prefer using an alternate service provider, such as Google or PayPal, if given the option.

A new report from Lexis, entitled Wallet Wars, surveyed UK smartphone users on their awareness and consideration of mobile banking and commerce. It found that 46 per cent currently use their mobile to purchase items and 61 per cent use it to research or compare prices. A further 41 per cent use their phone to recommend or share something that they like. The research also identified a core group of users, predicted to help promote wider adoption of mobile payment services through early trial. Dubbed the “mobile natives”, the group showed the highest propensity towards trialling mobile payment services, as well as being the most inclined to actively share their thoughts and opinions amongst peers. The mobile natives also expressed the highest interest (45 per cent) in using an alternative provider to the banks for their mobile banking, should a feasible option present itself.

Security concerns, though, still prove a barrier to adoption, with potential hacking or mobile phone theft cited as a major concern by two thirds of respondents.

James Thellusson, head of corporate at Lexis, comments: “Traditional financial service players may be dominant forces in this space now, but the fickle nature of tech-savvy consumers opens the door to other players within the ecosystem to establish themselves firmly as a credible partner in managing consumers' mobile wallets.”

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