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A recent study conducted by UK Finance has revealed that approximately half of adults in the UK are now utilizing mobile payments on a regular basis. This surge in mobile payment usage can be attributed to the convenience offered by services like Apple Pay and Google Pay. Adrian Buckle, head of research at UK Finance, noted that there has been a noticeable shift in consumer behavior, with the percentage of adults using mobile payments at least once a month increasing to 50% in the past year, up from 34% in 2023.
One of the driving factors behind the popularity of mobile payments is the increasing trend of storing card details on smartphones or smartwatches. This allows users to make quick and secure contactless payments using facial or fingerprint recognition, eliminating the need to enter a PIN. The data also shows that younger age groups, such as 16 to 24-year-olds, have been quick to adopt mobile payment methods, with 78% regularly using mobile payments in the last year.
Interestingly, older age groups are also increasingly embracing mobile payment options. For instance, 59% of 35 to 44-year-olds are now making regular mobile payments, compared to 38% the previous year. Even among those aged 65 and above, 19% reported frequently using mobile payments. Although the popularity of physical contactless cards has slightly decreased as a result of the rise in mobile payments, debit cards remain the most widely used payment method in the UK.
In light of these changing consumer behaviors, questions have been raised about the future of cash transactions. While cash payments have decreased significantly, with cash accounting for less than 10% of all transactions, there are concerns about the impact on vulnerable individuals who rely on cash. Campaigners emphasize the importance of maintaining a mix of payment options to ensure financial inclusivity and resilience in the event of digital system outages. Recent proposals by UK financial regulators suggest allowing banks and card providers to set their own limits on contactless card payments or potentially removing the current £100 payment limit entirely. This would further incentivize the use of digital wallets, which already offer additional security features and have no limitations on contactless payments
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