Interest grows in mobile payments and the likes of Apple Pay

A new survey on the subject of mobile payments has found growing interest in cashless transactions through services such as Apple Pay and bPay, particularly when it comes to younger people.

The survey, published by nVest Ventures, took in the views of some 5000 UK citizens, and found that one in five said paying with cash was inconvenient. That rose to 26 per cent when it came to the 16 to 24 age bracket.

11 per cent of those questioned said they have already paid for a purchase in a store with their phone or an app on their handset, and 18 per cent hadn’t done so yet, but were interested.

So that's three in 10 who have used or are interested in using mobile payments, and this rises to 41 per cent when it comes to millennials (those born after 1981).

The research also found that one in 10 use their phone to tally up the amount they spend every day, and 35 per cent said they would be interested in a service which uses their spending habits to project their future finances (with 58 per cent of millennials expressing a desire for this).

Kerry Rheinstein, head of nVest, commented on the launch of Apple Pay, which came out in the UK earlier this week: “The entrance of Apple Pay into the UK marketplace highlights the future becoming more cashless. Consumers are looking for alternative payment methods such as Apple Pay for speed and convenience, but also for more control over their finances using synced systems and smart prediction methods.

“Innovation doesn't stop at Apple Pay, we anticipate new payment methods that are more secure such as biometric payments, using heartbeat as a way to authenticate payment, or completely cashless payments based on data exchange and social currency. Cashless systems allow for greater personalisation of perks and services which underlines the thrust of UK consumer expectation over the coming years.”

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