Survey shows that British consumers are willing to switch to a new bank to make mobile payments
Mobile payments firm Zapp has released the results of one of its latest surveys, questioning how many British consumers would switch banks in order to take advantage of mobile commerce services. A growing number of people in the United Kingdom are beginning to show favor for mobile commerce, using their smartphones and tablets to pay for goods and services throughout the country. Some banks have not yet shown significant support for the mobile space, which may be causing a shift in consumer attitude toward alternative forms of payment.
44% of consumers are willing to change banks
The survey found that 44% of British consumers, an estimated 21 million people, are willing to switch to a new bank if their current bank does not provide support for mobile payments. A third of these people noted that they would switch banks within the next year, finding an institution that offers better mobile commerce support. The survey’s results have shed light on the growing enthusiasm that consumers have for mobile commerce, which has been growing steadily over the past 15 months.
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Early success of mobile payment services make consumers confident in mobile commerce
Early forms of mobile payment services have been quite successful in the United Kingdom. This early success has given consumers confidence in the mobile commerce space, which has made them more likely to participate therein. Zapp believes that 2015 will be a proverbial tipping point for mobile payments, especially as simpler, more secure mobile services become available to consumers. Many of these services are likely to come from banks that have begun to enter into the mobile space.
Majority of British consumers believe their mobile device will be their preferred form of payment by 2020
Zapp’s survey also shows that the majority of British consumers noted that they believed their mobile devices would become their preferred payment method by 2020. Paying for traveling expenses was the most common mobile commerce activity among these consumers, as was purchasing food products. Banks that offer mobile commerce support may find significant success in the coming years.