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2015 U.K. Consumer Mobile Payment Study

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2015 U.K. Consumer Mobile Payment Study
“Do you think someday we can open a bank account or ask for a loan without physically having to come to the bank?” — Bill Gates
TSYS® is excited to publish its first research report exploring mobile payments (m-payments) in the U.K. The report includes information regarding U.K. consumer payment preferences and other insights. The aim of this report is to provide valuable information to help our clients and other stakeholders in navigating the current market trends for m-payments and related topics like mobile banking, communication and retailer apps.
In line with our belief in keeping payments people-centred, this primary research is based on the end-user of the technologies explored. The goal of this research is two-fold:
1) to investigate consumers’ current behaviour; and
2) to understand how their attitudes and concerns could help predict future behaviour.
With the increase of choices among consumers, mobile payments is approaching a critical mass, if not maturity. In
2013, worldwide mobile payments reached $154 billion, and it has been predicted that this figure will reach $721 billion by 20171. In the U.K., mobile payments are expected to reach £53.6 billion in the next ten years, and 75 percent of the U.K. population is expected to have a smartphone by 20192.
According to The Financial Times3, U.K. consumers are increasingly using mobile phones and tablets to make purchases — with mobile spending reaching £9.7 billion last year. Moreover, the July 2015 launch of Apple pay in the U.K. will drive even more adoption of m-payments in the near future. These are positive indicators — but the market is still nascent. Gartner, Inc., (2013). Gartner Says Worldwide Mobile Payment Transaction Value to Surpass $235 Billion in 2013. [Online]. 4 June 2013.
Available at: http://www.gartner.com/newsroom/id/2504915

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