Half of UK Adults Now Regularly Pay on Mobile, Banking Data Shows
A significant shift towards mobile payments has been recorded in the UK, with half of adults now regularly using services like Apple Pay or Google Pay, according to recent banking data. This trend spans various age groups, with younger generations leading the way but older age groups also increasingly adopting this option.
According to figures from trade body UK Finance, last year marked the first time 50% of adults used mobile payments at least once a month, up from 34% in 2023. The surge in mobile payments has been recorded across different age groups, with consumers increasingly storing card details on phones or watches and making contactless payments backed up by facial recognition or fingerprint scanning.
"People are more comfortable leaving their home with just their phone," said Adrian Buckle, head of research at UK Finance. "The change of consumer behavior is clear." The use of cash and physical contactless cards has declined as a result, while digital payments continue to become more mainstream across the board.
This shift towards mobile payments is not limited to younger generations. According to UK Finance data, all age groups have seen an increase in mobile payment usage over the past year. While 71% of 18-24-year-olds used mobile payments at least once a month, this figure also rose to 55% among those aged 65 and over.
The rise of mobile payments is attributed to convenience, security, and ease of use. "As people become more comfortable with technology, they are looking for ways to make their lives easier," said Buckle. "Mobile payments offer a convenient and secure way to pay for goods and services without the need for cash or physical contactless cards."
The UK's shift towards mobile payments is in line with global trends. According to a report by Juniper Research, mobile payment transactions are expected to reach 3.4 trillion by 2025, up from 1.6 trillion in 2020.
As mobile payments continue to become more mainstream, experts warn of the need for greater security measures to protect consumers' financial information. "As we move towards a cashless society, it's essential that we prioritize security and ensure that consumers' data is protected," said Buckle.
In conclusion, the UK's shift towards mobile payments is a significant trend that reflects changing consumer behavior. As more adults turn to their phones for payment, businesses must adapt to meet this demand while ensuring the security of their customers' financial information.
This story was compiled from reports by BBC Technology, BBC Business and Multi-source: BBC Technology.
