Industry News

The force behind the rise of mobile payments

Young people are most likely to use mobile payments. According to international surveys young adults are more often shopping online and looking for mobile payment options. Young consumers are quick to adopt new technologies and are more willing to use m-payment methods.

Half of the U.K. population is already using mobile payments or interested in doing so – according to the survey of 10 000 adults in the United Kingdom. 20% of British consumers are already conducting mobile payments, while 30% of those surveyed are interested in conducting mobile payments in the near future. Growing smartphone ownership is driving the mobile payments revolution in the UK. 60% of consumers now own a smartphone and are using them as payment devices on the move.

Uptake is rapidly getting under way among the future generation. Younger adults are especially likely to be mobile payment users (41% of 16 to 24-year-olds) and around half of those who are not already using their smartphone to pay for goods and services are interested in doing so.
Two Beautiful Women Sending Messages with Mobile
Surveys also show that in other European countries the younger generations will take the next step of m-payments. For example MasterCard’s research in Hungary shows that young consumers are exceptionally open to mobile payments. Young adults are more often shopping online and looking for mobile payment options.

Half of Hungarian young adults (between the ages of 18-34) use a smartphone, and many of them are shopping online. This means that giving them the solutions that can be used as for remote mobile payments – like MasterCard Mobile – become more and more important in the future.