UK consumers will switch banks if they fail to offer mobile payment services

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Nearly half of consumers (44 per cent) have said they will switch banks if their current bank does not offer a mobile payment service and has no plans to introduce one. A third said they would switch within the year.

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

The research, commissioned by Zapp, also reveals the British consumers’ openness to adoption, with many saying mobile will become their preferred method of payment within the next five years.

More than half (51 per cent) said they would use mobile payments for purchases such as sandwiches; 52 per cent would use the method to pay for fuel; 57 per cent would pay for travel. A fifth said they would actually use mobile payments to make property purchases.

The research also revealed how shops and banks could suffer if they fail to cater to consumers’ technological needs. Nearly half of consumers (47 per cent) said that within five years they would choose an online shop or in-store retailer on the basis that it accepts mobile payments. Just under a quarter (24 per cent) said they would start choosing so before the end of the year.

“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,” continued Peter Keenan.

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