Consumer Attitudes towards Mobile Payments - UK - August 2016
“Despite the huge interest in mobile payments across the financial services industry, Mintel’s research suggests that actual usage is low. Companies have two main challenges to overcome to achieve growth: they have to convince consumers that paying with a smartphone is a secure transaction method; and they need to give people a compelling reason to switch from using cards. Consumers are most likely to use mobile payments if they are rewarded for doing so through schemes such as Android Pay Day.”
Rich Shepherd, Senior Financial Services Analyst
This report looks at the following areas:
- Security concerns are consumers' biggest turn-off
- Incentives are the key
- A cardless, not cashless society
This Report looks at consumer attitudes towards mobile payments. This includes an examination of the market context surrounding contactless and mobile payments and regulatory changes in the industry, as well as looking at the main mobile payment services and innovations. Mintel’s exclusive consumer research investigates the type of payments people make, how aware they are of mobile payment services and what types of transactions are made through smartphones.
Finally the Report examines consumer attitudes such as why people would choose to use make mobile payments, their thoughts on the security of these payments, and consumer concerns about the usability of the technology.
For the purposes of this Report, Mintel has used the following definitions:
- Peer-to-peer mobile payment services: A number of the best-known mobile payment services involve transferring money via an app, rather than making a point-of-sale transaction. This includes the most well-known and widely used payments service, PayPal. These schemes are often used to transfer funds between individuals, but can also be used to pay companies.
- Point-of-sale mobile payment services: Point-of-sale mobile payment services are schemes which allow in-store purchases. Currently, most of these services rely on near-field communication (NFC) technology. These are the systems which are most closely associated with the term mobile payments as a competitor to cash and cards. This includes Apple Pay and Android Pay.
What you get
This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.
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Mintel's proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.
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Market reports provide appendices of data to support the research and insight produced. Our tables of data are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.
* This is a sample representation of the report layout and does not reflect the research included in this report.
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