Mobile payments and mobile banking continues to grow in the UK

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.