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Blog: Over Half Of Europe Could Try Mobile Payments This Year

09/06/2015

mobilepayments

Global financial institution, ING recently conducted a Europe-wide survey on mobile banking. Over 14,000 shoppers were interviewed for the survey and when asked whether they would expect to make a mobile payment this year, 19% said they definitely would, with 32% stating that they probably would.

The international survey highlighted that people using mobile devices in Turkey and Poland were the most likely to try using mobile payments with Turkey leading the way with 78% and Poland not far behind at 67%.

When surveying current usage of mobile devices to make payments, Turkey also led the way in Europe, with 56% of people stating that they had already used a mobile payment system. This is 23% more than the usage across Europe as a whole (33%) and 37% more than Holland, who brings up the rear (19%).

Usage of mobile devices to make payments is most certainly growing at quite a phenomenal speed, and is being helped along by many of the most well-known tech giants. But why are people moving over to mobile payments? What are the advantages?

Those surveyed suggest that mobile payments are being used more and more because they are:

  • 1. Faster than traditional payment methods (50%)
  • 2. Easier than alternative payment methods (42%)
  • 3. Able to be used in a variety of different locations without the need for currency exchange (33%)

However, although many people have adapted to using their mobile devices to utilise mobile payment technology, there are still many who are holding back. Why might this be?

Results from the ING survey suggest it is because:

  • 1. People don’t trust the technology (42%)
  • 2. People haven’t had the chance to use the technology yet (41%)
  • 3. People don’t understand the technology (10%)
  • 4. People don’t believe the technology offers any benefit over alternative payment methods (9%)
  • Those surveyed were also asked about who they used and trusted to handle their mobile payments and at the moment, banks are the clear favourite with 14% of people stating that they had used a banking app to transfer money in the past, and 45% declaring that they would definitely consider using a banking app.

Currently lagging behind is social media, with only 7% of those surveyed (in Europe) having used a social app to move their money, and 17% saying that they would consider it. For the category of ‘other named groups’, such as Apple, Samsung or Google, the results were respectively 9% and 30%.

It is perhaps not surprising to learn that banks came out on top in this survey considering people’s concerns about security. However, with technology moving on fast and, as seen with Apple Pay, huge improvements being made in terms of securing transactional data, there is no doubt that people will be encouraged to use mobile payments more and more.

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