Is it finally happening? Are mobile payments finally making the breakthrough in Europe?
New research from ING issued this week suggests that this is finally the case. Across Europe, 33% of mobile device users have used their device to make a payment in the last 12 months and 51% plan to do so over the coming months.
Mobile bankers say that they feel more in control of their money. An impressive 85% of mobile bankers listed at least one way their money management has improved since the switch to mobile banking.
Another interesting statistic from the research is that mobile payments are at their most popular in countries where banking is less developed. 56% of people in Turkey with mobile phones have made mobile payments in the last 12 months, making it Europe’s number one mobile payments country. This demonstrates what we’ve seen in areas such as Asia; mobile payments are at their most popular where there is a lack of alternatives.
So, what lessons are there for players in the mobile payments market? Apart from making sure merchants can accept the Turkish Lira, there are two key findings that should make the industry sit up and pay attention.
The first is that 55% of mobile shoppers are more inclined to shop with merchants who save their details for one click shopping. It’s further proof that mobile shoppers want an easy way to pay. The challenge is for merchants to facilitate this. If it’s easy to buy from you, consumers will come back time and time again.
The second lesson is that, for those who have yet to adopt mobile payments, the biggest barrier is trust. 42% of those surveyed said that a lack of trust in the security of mobile payments was stopping them from making the switch. So, it’s clear that there is much to be done not only to improve security and security perceptions.
Fortunately, the payments industry has a plethora of companies who are striving to meet these challenges through new methods of security and authentication and platforms and software to make payments even easier.
There has never been a more exciting time to be in the payments world. And with encouraging research such as this, it’s only going to get better.
Is it finally happening? Are mobile payments finally making the breakthrough in Europe?
New research from ING issued this week suggests that this is finally the case. Across Europe, 33% of mobile device users have used their device to make a payment in the last 12 months and 51% plan to do so over the coming months.
Mobile bankers say that they feel more in control of their money. An impressive 85% of mobile bankers listed at least one way their money management has improved since the switch to mobile banking.
Another interesting statistic from the research is that mobile payments are at their most popular in countries where banking is less developed. 56% of people in Turkey with mobile phones have made mobile payments in the last 12 months, making it Europe’s number one mobile payments country. This demonstrates what we’ve seen in areas such as Asia; mobile payments are at their most popular where there is a lack of alternatives.
So, what lessons are there for players in the mobile payments market? Apart from making sure merchants can accept the Turkish Lira, there are two key findings that should make the industry sit up and pay attention.
The first is that 55% of mobile shoppers are more inclined to shop with merchants who save their details for one click shopping. It’s further proof that mobile shoppers want an easy way to pay. The challenge is for merchants to facilitate this. If it’s easy to buy from you, consumers will come back time and time again.
The second lesson is that, for those who have yet to adopt mobile payments, the biggest barrier is trust. 42% of those surveyed said that a lack of trust in the security of mobile payments was stopping them from making the switch. So, it’s clear that there is much to be done not only to improve security and security perceptions.
Fortunately, the payments industry has a plethora of companies who are striving to meet these challenges through new methods of security and authentication and platforms and software to make payments even easier.
There has never been a more exciting time to be in the payments world. And with encouraging research such as this, it’s only going to get better.
Is it finally happening? Are mobile payments finally making the breakthrough in Europe?
New research from ING issued this week suggests that this is finally the case. Across Europe, 33% of mobile device users have used their device to make a payment in the last 12 months and 51% plan to do so over the coming months.
Mobile bankers say that they feel more in control of their money. An impressive 85% of mobile bankers listed at least one way their money management has improved since the switch to mobile banking.
Another interesting statistic from the research is that mobile payments are at their most popular in countries where banking is less developed. 56% of people in Turkey with mobile phones have made mobile payments in the last 12 months, making it Europe’s number one mobile payments country. This demonstrates what we’ve seen in areas such as Asia; mobile payments are at their most popular where there is a lack of alternatives.
So, what lessons are there for players in the mobile payments market? Apart from making sure merchants can accept the Turkish Lira, there are two key findings that should make the industry sit up and pay attention.
The first is that 55% of mobile shoppers are more inclined to shop with merchants who save their details for one click shopping. It’s further proof that mobile shoppers want an easy way to pay. The challenge is for merchants to facilitate this. If it’s easy to buy from you, consumers will come back time and time again.
The second lesson is that, for those who have yet to adopt mobile payments, the biggest barrier is trust. 42% of those surveyed said that a lack of trust in the security of mobile payments was stopping them from making the switch. So, it’s clear that there is much to be done not only to improve security and security perceptions.
Fortunately, the payments industry has a plethora of companies who are striving to meet these challenges through new methods of security and authentication and platforms and software to make payments even easier.
There has never been a more exciting time to be in the payments world. And with encouraging research such as this, it’s only going to get better.