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Use of mobile payments triples across Europe

A recent study reveals European consumers increasingly turn to their smartphones, tablets or wearable devices for the purchase of goods and services.

Visa’s 2016 Digital Payments Study polled more than 36,800 online consumers across 19 European countries and found that 54% of consumers now use a mobile device to make payments for a range of activities in-store, in-app and online. That’s a significant increase from the 18% at this time last year.

Two paths to adoption
A look at the top 10 countries where mobile payments are most prevalent indentifies two patterns to adoption: developing markets such as Turkey and Romania, which tend to leapfrog traditional payment methods to adopt new technologies faster; and developed markets — particularly the Nordics — which evolve to new technologies at differing paces.

A broad embrace
For the first time, more than half of European respondents in all age brackets are using mobile banking. Whilst millennials remain the most prolific category, other age groups are rapidly catching up. With a growth rate of 33%, boomers ages 55-64 have experienced the highest growth rate, while older centennials and millennials 18-34 saw a growth rate of 24%.

Spending more with mobiles
The study also noted mobile payment users said they were as comfortable making larger purchases on their mobiles as they were with everyday payments. According to the findings, 43% of UK consumers make high-value purchases, such as holidays and electronic goods, while 42% use their mobiles to pay household bills and 41% use them to purchase bus or train tickets.

"This data is a confirmation that the future of digital payments has arrived, with consumers across the length and breadth of the UK and Europe embracing a variety of new ways to pay," said Kevin Jenkins, Visa's UK & Ireland Managing Director.

Rise in mobile banking
Across Europe, the uptick in the number of respondents using mobile banking is also helping more people to keep track of their spending and financial responsibilities - two-fifths (41%) say they regularly check their balance online or via a banking app.

“The near-ubiquity of contactless card usage is gradually helping everyone engage with newer ways to pay, including mobile banking,” says Kevin Jenkins, UK & Ireland managing director at Visa. “This data is a confirmation that the future of digital payments has arrived, with consumers across the length and breadth of the UK and Europe embracing a variety of new ways to pay.

About the report
Visa commissioned the study with Populus and surveyed approximately 2,000 respondents per country, namely Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Israel, Italy, Netherlands, Norway, Poland, Romania, Slovenia, Spain, Sweden, Switzerland, Turkey and the UK.

For more information visit the Visa Vision blog

Tags: payments, Mobile

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