ADOPTION: Contactless card payments remain the most popular but mobile payment services are gaining traction among younger consumers for in-store purchases
One in five UK consumers (20%) prefers using mobile payment services such as Apple Pay over cash (17%) or chip & PIN card payments (10%) for in-store purchases, a survey has revealed.
Contactless card payments remain the most popular payment option (48%) but younger consumers are driving the adoption of services such as Apple Pay and Google Pay, with three in ten 18-24-year-olds identifying mobile payments as their preferred option (30%), according to the survey.
Nearly nine in ten of those who prefer contactless payments say convenience is one of the key reasons for doing so (88%).
“Cash, on the other hand, may not be the convenient option it once was, as two in five (40%) respondents who preferred contactless said they never carried cash. In fact, nearly a third (31%) of all survey respondents said that they never carried cash, while one in fifteen (7%) admitted that they didn’t even know their PIN,” the researchers say.
“Less than half (47%) of our respondents said they would happily shop with a cash-only business, while one in seven people (13%) said that they wouldn’t because they never carry cash. One in three (33%) would still consider shopping with a cash-only business, but admit that they’d find it a hassle.”
The survey also found that men are 22% less likely to choose contactless payments and that uptake varies between different UK regions, with consumers in Scotland the most likely to prefer contactless payments (63%) and consumers in Wales the least likely (33%).
The survey was conducted with 1,056 adult UK residents in June for card payment services provider Takepayments.
One in five Brits now prefer using their mobile phone to make payments in stores was written by Tom Phillips and published by NFCW.