Mobile payments and mobile banking continues to grow in the UK

A recent survey by payment system firm, VocaLink, has found that mobile payments and the popularity of mobile banking is continuing to grow with smartphone users in the UK. With more than half of smartphone users surveyed (52 per cent) declaring they use banking apps, this was up from 38 per cent in 2015.

Following the increase in popularity of mobile banking apps, they are increasingly used for simpler every-day tasks such as checking balances and transferring payments. In 2017, one third of people transferred money between bank accounts and had made peer to peer payments on their smartphone, with nearly a quarter (23 per cent) using mobile banking to pay bills.

Mobile payments have revealed significant growth in recent years. According to the survey 39 per cent of those surveyed in 2017 had used a contactless card or mobile payment service to make a daily purchase, up from 17 per cent in 2015.

The main reason people are use mobile payments is for convenience. Four in 10 respondents said they like using mobile payments as a backup for card and cash payments. The growth of popularity in mobile payments is also due to speed and ease of use, with three in 10 people confirming this.

People who are not currently using mobile payment systems say the main reasons they are reluctant are the fear of losing their phone (48 per cent) and not trusting the security of the apps (45 per cent). Despite this, the amount of people who use mobile payments in the UK is estimated to grow to 12.6million by 2021.

As a business owner, it’s important to make sure that you have the latest card payment technology in your business so that you can accept increasingly popular payment methods. Handepay’s card machines are fully equipped with the latest technology supporting contactless cards, Apple Pay and Android Pay. Get in touch with one of our advisors on 0800 377 7382 or visit our website for more information.

Financial disclaimer:

Terminal hire contracts are provided by Merchant Rentals Limited, who is authorised and regulated in the UK by the Financial Conduct Authority (FCA) for Consumer Hire under FRN 720500. Terminal hire can be for consumer hire and non-regulated hire contracts. Please check your contract carefully for details. Regulation of all consumer hire fall under the control of the FCA.

Handepay Ltd is authorised and regulated by the FCA for Consumer Credit under FRN 673564. Handepay is a credit broker for consumer hire not a lender.

Handepay acts as an introducer of card acquiring services on behalf of EVO Payments UK, the card acquiring service provider. EVO Payments UK is the trading name of EVO Payments UK Ltd, a payment institution that is authorised and regulated by the Financial Conduct Authority (FRN number 959332).

Existing Cards Businesses- The one-month rolling terminal hire contract from Merchant Rentals is only available to businesses that are switching from their current acquirer to EVO Payments UK arranged through Handepay.

New to Cards Businesses- The 12-month terminal hire contract from Merchant Rentals is only available to businesses that are new to card payments and wish to receive acquiring services from EVO Payments UK, arranged through Handepay.

The Next Day Banking Settlement service provided by EVO Payments UK incurs an additional fee of £4 a month on top of your acquiring service charges and fees. Provided your card machine performs a reconciliation before 12am (midnight), you’ll receive settlement of funds the next banking day.

Editorial disclaimer:

The information we provide does not constitute financial advice and might not apply to your business. Always carry out research into your business’ needs when choosing a new merchant services provider.

Sometimes, we link to other third-party websites to provide you with additional information. At the time of publication, we consider the information accurate, however, we do not have control over their content and are not responsible if any information on these websites change.

The products we display on our website are for illustrative purposes only - if your business requires additional facilities, you may receive a different model than advertised.

All of the information contained on this website, including fees, services and functionality, are correct at time of publishing. E&OE.