More than four in ten UK consumers make in-person and e-commerce purchases from their mobile devices on a weekly basis
According to research from payment services provider Rapyd, mobile payments have become “the predominant form of payment” in the UK, with 43% of consumers making mobile payments every week. In addition, the report predicts that mobile commerce transaction values will reach £100m (US$112m) by 2024.
Besides, the researchers discovered that 29% of UK consumers use Apple Pay — “the highest observed [usage] in Europe”. Furthermore, 16% of respondents say Apple Pay is their preferred method for making in-person payments. It equals the number of those preferring credit cards (16%), while 12% choose cash.
Nearly half of UK consumers have used their mobile device to make an e-commerce payment in the last 90 days (49%), most commonly for clothing purchases, paying restaurant meals, groceries and utility bills.
The trend shows that consumers who were forced to go cashless amidst the pandemic appreciated the convenience of mobile payments. They have become a habit and the preferred payment method for e-commerce purchases.
Furthermore, the researchers expect this trend to accelerate. UK mobile commerce is predicted to grow at more than twice the rate of the overall e-commerce sector, reaching £100m by 2024.