A new ING survey of more than 14,000 individuals worldwide has found that consumers are increasingly embracing mobile payment applications with up to 185 million European consumers expected to use mobile payment applications over the next year. According to the survey, 33% of Europeans with access to a mobile device have already used their devices to make a payment which is expected to increase to 51% over the next 12 months.
According to the survey, Turkish (56%) and Polish (43%) users are the quickest consumers to embrace mobile payment technology but the Netherlands and the UK are seen as the ‘most developed’ mobile banking markets across Europe. ING senior economist Ian Bright commented on the results saying,
“While physical cash still has its place in society, mobile payment apps are giving consumers greater freedom when it comes to managing their finances. The instant visibility offered by mobile banking also means more consumers feel in control of their finances, claiming to have avoided missing payments and keeping on top of bills.”
While the industry excitement should be somewhat tampered as consumer adoption always takes longer than expected but the fact that the survey also found that half of the people in Europe are using less cash than they did a year ago highlights that progress is being made across the continent in transitioning individuals from traditional payment instruments to electronic payment instruments.
Overview by Tristan Hugo-Webb, Associate Director, Global Payments Advisory Service for Mercator Advisory Group
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