Some 44% of UK consumers are prepared to switch bank accounts to access mobile payments if their current bank is unable or has no plans to offer the service, while a third (33%) of these consumers plan to do so within the next year, a survey for mobile payments provider Zapp reveals.
More than a quarter (28%) of the 2,000 consumers surveyed have already used their phone to make a payment, up 64% from 2013, and 59% say they would use their phone to pay if a simple system existed.
Demand is particularly high among 35- to 44-year-olds, with 46% having already used their phones to pay and 71% saying they would use an easy-to-use mobile payments system.
Mobile is set to become the preferred method of payment before the end of the decade for a wide range of purchases, the survey found, including travel tickets (57%), car fuel (52%) and sandwiches (51%). Almost half plan to use their mobile to pay for electronic products, with one in five saying they would even buy a house using a mobile payment.
Within five years, 47% of consumers say they will actively choose to shop online or in-store with a retailer because it accepts mobile payments, with 24% of these saying they would do so within a year. Among 35- to 44-year-olds, the number saying they would choose a retailer because it accepts mobile payments was more than 60%.
“The success of early forms of mobile payment and the buzz around forthcoming launches of mass market initiatives has clearly whetted consumers’ appetites,” says Zapp CEO Peter Keenan.
“This research shows that anticipation levels are running high, and it suggests banks and retailers stand to gain a significantly competitive advantage from offering and accepting mobile payments early. I’m confident 2015 will prove a tipping point.”