UK consumers ready to switch to mobile payments

38% of UK residents are interested in making mobile Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, with 18% ready to stop using cash all together.

A new report by UK based market research firm Mintel shows what UK mobile users are interested in when it comes to mobile payments. The research found mobile users trust non-bank affiliated payment services more than official mobile banking services, like contactless NFC payments and mobile card payments.

The report shows 38% of Brits interested in being able to make mobile payments with 8% interested in applying right now for such a service. 18% of those asked stated they are interested in doing away with cash all together. London proved to be the most enamored to the idea of a cashless society with 30% ready to give up cash in exchange for a mobile solution.

In the UK, the millennials are leading the mobile payment movement, with 22% of those aged between 25 and 34 using Barclays’ Pingit peer-to-peer mobile payment system, compared to only 5% of those asked between the ages of 45 to 54. Mobile transactions in digital currencies also favored with Generation-Yers with 17% using the cryptocurrency Bitcoin Bitcoin While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that While some may still be wondering what is Bitcoin, who created Bitcoin, or how does Bitcoin work, one thing is certain: Bitcoin has changed the world.No one can remain indifferent to this revolutionary, decentralized, digital asset nor to its blockchain technology.In fact, we’ve gone a long way ever since a Florida resident Laszlo Hanyecz made BTC’s first official commercial transaction with a real company by trading 10,000 Bitcoins for 2 pizzas at his local Papa John’s.One could now argue that Read this Term at least once in exchange for goods.

Security was big issue with most participants. 65% of consumers showed worry on mobile security, with 61% shared that feeling with contactless payments. Only 34% feared security related to debit cards with 33% fearing credit card security. However, non-bank mobile payment solutions such as PayPal recorded the least amount of concern with only 27% having doubts with security.

Mintel’s report comes shortly after comScore released its own report on US mobile payment usage.

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