Mobile Payments on the Rise in Europe

by Mercator Advisory Group 0

The number of consumers across Europe purchasing goods and services (other than mobile apps) through their mobile phones is rising, which highlights the growing adoption of mobile payments worldwide, according to a survey from consumer research firm Future Foundation. Monitise commissioned the research.

Some 52 percent of United Kindgom consumers said they have purchased items through their mobile phones while 57 percent of Germany consumers and 46 percent of Spain consumers have done the same.

To Barry Clark, account director with the Future Foundation, the rise in mobile payments can be attributed to the fact consumers are:

“More aware and sensitive about the value of money and will invest more time and energy in finding the right product.”

But for consumers to have confidence about the mobile payments security, they would prefer financial institutions to provide the means to make mobile payments via apps and wallets. Some 60 percent of UK consumers said they would be more confident about mobile payments if their financial institutions provided the means, while 68 percent of consumers in Spain and 50 percent of consumers in Germany said the same thing.

Worldwide, mobile payments are really starting to take off as a broad range of payment players realize that both feature phones as well smartphones can be used as significant consumer payment instruments. As consumers become more comfortable with mobile payments, expect mobile-payment use globally to explode.

As part of the CustomerMonitor Survey Series, Mercator Advisory Group tracks U.S. consumer payment trends including around mobile payments. For more information on U.S. based consumer mobile payment trends, watch for an upcoming Mercator Advisory Group research report specifically on this topic.

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