More Than Half Of Brits Are Ready To Switch To Mobile Payments

British banks may be advised to start including mobile payment services following research that shows many of their customers would switch providers if they didn’t provide the right tools.

A survey conducted for m-payment company Zapp found that nearly half of UK customers (some 21 million people) would be prepared to leave if their current bank was unable to offer mobile payments and had no plans to do so.

Some 59 percent of respondents said they would use their phone to pay if a simple system existed and did not require extra set up, 48 percent more than a year ago.

In demand

Overall, the proportion of consumers who used their mobile phone to purchase goods or services was up to 28 percent, an increase of 64 percent to the previous year.

Demand is particularly high amongst 35-44 year-olds, 46 percent of whom have already used mobile payments and 71 percent said they would if a simple system with no extra set up existed.

“The success of early forms of mobile payment and the buzz around forthcoming launches of mass market initiatives has clearly whetted consumers’ appetites,” said Zapp CEO Peter Keenan.

“This research shows that anticipation levels are running high and it suggests banks and retailers stand to gain significant competitive advantage from offering and accepting mobile payments early. I’m confident 2015 will prove a tipping point, as simple, secure mobile payments like Zapp become a reality for millions of British consumers.”

Zapp has already gained a lot of support from UK retailers ahead of its expected launch next year. Some of the UK’s biggest high street brands, including Asda, Sainsbury’s, and House of Fraser, have announced they will be introducing in-store support for its mobile payments from next year.

Some Zapp customers will also be able to use the service to pay their utility bills, with Anglian Water, Bristol & Wessex Water and Sutton and East Surrey Water also announced as new partners.

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