Mobile Credit Card Payments To Triple In Five Years: VISA

Female store cell phone close-up
SHARE
THIS



Consumer adoption of mobile payments (m-commerce) will triple in the next five year according to a UK report by credit card company Visa.

The report suggests that over £1.2 billion (AUD 2.3 billion) will be made per week via mobile devices by 2020. In the next five years, VISA predicts that 60  six in ten Britons (60 per cent) are expected to use their mobile devices for payments at least once a week.

The Mobile Money report surveyed over 12,000 mobile consumers in the UK, Finland, France, Germany, Poland, and Spain. The survey found that one in four Brits are expected to use their mobile phone to make payments on a daily basis by 2020, growing from the one in 12 who do so in 2015.

According to the survey, 43 per cent of shoppers said they would be interested in using a mobile wallet service and nearly half (47 per cent) are interested in using their smartphone to make everyday contactless payments.

Jeremy Nicholds, executive director for mobile, Visa Europe said: “Contactless and online commerce enhancements have been key in paving the way for the next generation of mobile payment technology. The environmental conditions are already in place to meet the demands and expectations for digital payments. It’s no longer a question of ‘if’ consumers will embrace this new way to pay – it’s when – and for us the next 12 months are when mobile payments become mainstream.”

The report also found that while apps and music are still the items purchased most frequently via mobile devices today, a growing number of consumers are already buying higher value items, with electronics (23 per cent) and clothes (22 per cent) among their top-five most purchased m-commerce items.

The main concerns about mobile payments, a third of respondents admitted that they didn’t know enough about the technology. As well as issues of privacy, fraud and security.

Please login with linkedin to comment

creative directors Project Clever Buoy

Latest News

Change Your Plans. Your Audience Already Did
  • Opinion

Change Your Plans. Your Audience Already Did

Is it too early to start planning your holiday campaigns? Definitely not, argues Pinterest CMO Andréa Mallard in this piece. Brands love reaching their most passionate customers. As a former retail CMO myself, I get it. When you reach early planners, you reach the CEOs of the household—an audience that buys and spends more. Reach […]

Opinion

by B&T Magazine

B&T Magazine
The Key To Understanding Your Competitors
  • Opinion

The Key To Understanding Your Competitors

Do you love to prank call your competitors in a phoney Turkmenistan accent? Well, there's some top tips here for you.

Opinion

by B&T Magazine

B&T Magazine
Stateside Sports Selects Emarsys For CDP Technology
  • Technology

Stateside Sports Selects Emarsys For CDP Technology

Stateside Sports, Australia’s home of United States sports lifestyle, has partnered with Emarsys, the only omnichannel customer engagement platform built to accelerate business outcomes, as it looks to double its customer database and retail presence within the next two years.