UK consumers ready to switch to mobile payments

38% of UK residents are interested in making mobile payments, 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.

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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 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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