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Smartphone Payments to Exceed Card Payments by 2020

Smartphone Payments to Exceed Card Payments by 2020

According to 33% of Brits, more payments in the UK will be made using smartphones than on credit or debit cards.

According to the 'Banking Moving Forward' study by Experian, 67% of the 2,000 UK adults questioned in the survey thought that cash would decrease in popularity, and 41% predicted a decline in the use of credit or debit cards.

The research discovered that the main reason smartphone payments are not currently the preferred method of payment is the fear of fraud.

Almost half fear their identity will be stolen online and 60% have no malware protection on their devices.

The research report said: "Organisations that make it easier, while secure, for their customers to transact with them will have the most rewarding relationships."

Apple currently uses biometric security for its payment service, where users have to hold their thumb over a fingerprint scanner when they make payments.

Following the initial success of Apple Pay, Tim Cook believes 2015 will be the year of mobile payments.

Derek Garriock, head of business solutions at Experian UK said people will decide how to pay based on the ability to pay for something securely and conveniently.

He said: "Security is a key concern for many individuals, who may be willing to adopt new ways of paying but have not yet done so, even among the younger generation. This is understandable considering that one in six adults has fallen victim to a cyber attack via their mobile device."


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