Mobile payments ‘far from mass adoption’
Written by Chris Lemmon
New research from eMarketer has found that proximity mobile payments are gaining popularity in the UK, but are still far from mass adoption.
Just over 22 per cent of UK smartphone users will use their phone to pay for goods and services at the point of sale in 2018, according to the study. In addition, the payment method is expected to see double-digit growth to 2020, with 17 per cent growth expected in 2018.
China boasts the largest mobile payments market in the world, with 77.5 per cent of smartphone users using their mobile for payments this year. In Europe, the UK’s penetration rate will rank behind Norway (23.3 per cent), Sweden (33.8 per cent) and Denmark (38.9 per cent) in 2018.
Bill Fisher, senior analyst at eMarketer, said: “There’s no doubt that mobile proximity payments are beginning to get a foothold in the UK. But they face some tough competition that just isn’t present in many other countries. Any standard issue bank card in the UK, both debit and credit, now comes with contactless technology as standard.
“Mobile proximity payment providers need to convince consumers that their tech offers benefits above and beyond this well-entrenched, and incredibly convenient, method of proximity payment.”