For Brits, smartphones are the future of payment

Forget cash, we pay with our phones now.

More than four in ten (41 per cent) of consumers in the UK consider the smartphone a 'preferred alternative' to cards, or cash, a new study has shown.  Mastercard's Impact of Innovation study, based on a poll of 23,000 consumers in 23 countries in the EMEA region (Europe, Middle East, Africa), says contactless payment cards are now 'second nature' for many UK shoppers. 

More than four fifths (82 per cent) are regularly shopping online and are using e-commerce services, and last year, smartphones and tablets took up more than half of all online sales (51 per cent).  

“The British are enjoying a very positive experience with technology, but clearly there is an appetite for even more,” said Dr. Carsten Sørensen, a digital innovation professor at the London School of Economics.  

"The mobile phone is doing what nothing else has managed to do since the launch of the credit card 50 years ago. We cannot leave home without these items and now the card is moving onto the phone. 

Digital innovation is being driven by a diversity of services like Facebook and Uber, and people will increasingly want to use their devices for payments.” This incredible trend is fuelled by another incredible statistic: 64 per cent of shoppers have never had a negative experience. Almost a fifth (18 per cent) said that they haven’t gotten what they ordered online, once. 

“We see the smartphone as the ‘remote control’ for consumers’ financial lives,” Elliott Goldenberg, head of digital payments for Mastercard UK & Ireland.  

“It will be essential for authenticating transactions, controlling your account, managing payment card functions and more. It is an incredibly powerful and practical tool for payments.”

Image Credit: Melina Sampaio Manfrinatti / Flickr