London at Night

UK Leads the Way for Mobile Payments

London at Night

A new study shows UK is on top for mobile payments

Mobile payments have been on the rise in the UK in the last few years, so much so that Londoners will soon be able to pay for public transport using it. However, who knew that the UK would actually be the world leader in the sector.

The news comes due to a recent study held by the UK Payments Council. The reason for such exponential growth can be pinned down to P2P service PayM that launched in April this year.

In the interests of keeping things fair, the study also compared the UK with other countries in similar situations – examining the differences in infrastructure, ownership, speed and more. While the US, Japan, Sweden, India, and Kenya were examined, the UK came out on top.

That’s, no doubt, a surprise for many as Kenya’s M-Pesa platform is huge in the nation.

“Looking round the world makes it clear that Paym is a world leading service, even when compared with trailblazers such as M-Pesa in Africa,” said Payments Council chief executive Adrian Kamellard. “The UK payments industry’s collaborative model of change, which builds upon our existing world class real-time payments infrastructure has delivered real benefits for customers.”

The report also noted that the US and Japan are falling behind Sweden and the UK in delivering a universal P2P mobile payment system. That’s of little surprise seeing as the US payments market is still far too keen on the delights of magnetic strip card payments.

It also acknowledged just how important the evolution of mobile has been to world economics, with Kenya now being a major inclusion in the world market thanks to its newfound financial capability through mobile payments.

 

[Image: Darrell Godliman - Flickr]

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