They just don’t want to pay along
It seems that Hanis’ prediction that plastic payments won’t die out could be very true, as it looks like shoppers in the UK prefer those flexible pieces of plastic to using their phone to make a payment.
While information around this topic continually flip-flops from being seen as a positive by consumers, to being seen as a negative, a recent study found that UK consumers are more reluctant to adopt payments than in the US. This research, as reported by eMarketer and carried out by Bain & Company, finds that just three per cent of UK internet users had used their mobile phones to pay for goods or services – compared with seven per cent of US internet users.
The survey found that 55 per cent of respondents were more than aware of what mobile payments were and how to use them, so ignorance or lack of knowledge can’t really be cited as contributing factors. It seemed that they simply just preferred to pay with cash or cards.
It also seems that mobile payments may not see the attention they deserve for a little while longer as a study by Say Pay revealed that UK shoppers don’t expect to switch to mobile payments any time soon. Finding that 86 per cent of Brits saying they’ll continue to pay with credit and debit cards in 2025.
Even 76 per cent of shoppers said they’d be carrying and using wallets by 2025, with only 16 per cent of those surveyed saying they expect paper money to be non-existent by this time.
This attitude is partly due to security concerns, especially from the rise of digital money like Bitcoin – according to Bain & Co. study. It’s also responsible for the slow adoption rates of merchants accepting mobile payments as there clearly seems to be little demand for the technology from consumers.
However, 80 per cent of SMBs have aid they would consider adopting new payment options if their customers wanted it.
While the research clearly does ring true on how people are currently thinking, future predictions around customers being wary of mobile payments by 2025 seems more like them having a lack of foresight.