New research from Skrill reveals mobile payments are being rapidly driven by transactions of £10 or under. The company’s Future of Money campaign surveyed 2,000 adults and saw that 41 per cent of British consumers expect to see their use of transactions with m-payments increase over the next 12 months. This rises to 59 per cent for those aged 18 to 24, whilst 30 per cent will shop on their mobile in the next 12 months.

The most popular finance related use of mobile phones for consumers is to pay for goods in a shop rather than using a debit card. The second most popular usage is saving money, with 26 per cent saying they use their phones to save rather than spend, via money management, micro payment, voucher and price comparison apps.

According to the study, 40 per cent of Brits are most comfortable making transactions of under £10 using their mobile phone, for items such as coffee, sandwiches or a parking fee, while 24 per cent would pay for a larger item valued up to £100, such as an item of clothing or a trip to the hairdresser.

The top benefits of mobile payments were cited as being ‘easy’ and ‘fast’. Security issues remain, however. Only one in ten consumers regard mobile payments as being ‘secure’. Siegfried Heimgaertner, CEO at Skrill, comments: “It is a complex time in the development of mobile payment technology, but our research shows that the appetite for mobile payments is clearly growing among consumers, particularly for low value items. Crucially, the technology is ready to meet this growing demand for fast, easy and secure payments. Our own product Skrill 1-Tap exemplifies this, delivering a payment solution through which consumers can make easy and fast transactions with just one tap.”

Share Story: