Industry News

More signs it’s not consumers holding back mobile payments

yes-pleaseThe most common knock against mobile payment technologies is that they are something that companies, rather than consumers, are interested in. Or, as they say in the tech world, a solution in search of a problem. But there is a slight problem with this theory: There is increasing evidence it is simply untrue.

Take, for example, a report this week from the United Kingdom about how small businesses in particular are lagging their customers in adopting alternative payment systems, including mobile payments. This despite robust growth in mobile and contactless payments in the UK, which currently sees almost 6 million transactions taking place on smartphones every day.

“The UK is leading, but the world is catching up with us and if UK businesses don’t embrace the fast evolution of commerce, we will be left behind,” said Marcia Clay, head of strategy and commercial development for the UK and Ireland at Mastercard, one of Cellum’s key partners in growing mobile payments in Europe and beyond.

The report comes alongside new data from the British Bankers Association underscoring consumers’ strong appetite for mobile banking. According to the BBA, more than 15,000 people are downloading banking apps every day, in turn driving an overall daily mobile and online spend approachinig £1 billion.

Finally, this week saw a similar sign of pent-up consumer demand for mobile payments from a country famous for its conservative approach to money: Germany. According to a survey conducted by TNS Infratest, roughly a third of German consumers would ditch their purses and wallets for smartphones if mobile payments were available universally, with more than four out of five of those under 30 saying they are “irritated by standing at the checkout in a shop.” This does not sound like a group of consumers in need of convincing.