Mo­bile pay­ments soar as Euro­peans em­brace new ways to pay

Malta Independent - - BUSINESS & FINANCE -

Ac­cord­ing to Visa’s 2016 Dig­i­tal Pay­ments Study, the num­ber of con­sumers reg­u­larly us­ing a mo­bile de­vice – whether a smart­phone, tablet or wear­able – to make pay­ments has tripled in the past year. Cur­rently, 54 per cent of con­sumers sur­veyed reg­u­larly use a mo­bile de­vice to make pay­ments for a range of ac­tiv­i­ties, com­pared to just 18 per cent who were asked whether they used mo­bile pay­ments to pay for ev­ery­day goods and ser­vices when the same study was con­ducted last year.

The study, which sur­veyed more than 36,000 on­line con­sumers in 19 Euro­pean coun­tries, re­veals how con­sumer adop­tion of dig­i­tal pay­ments has shifted dra­mat­i­cally in the last 12 months. One year ago, 38 per cent of the peo­ple sur­veyed said they had never used a mo­bile de­vice to make pay­ments and had no plans to do so. To­day, that num­ber has dropped to 12 per cent.

When look­ing at the top 10 coun­tries where mo­bile pay­ments are most preva­lent, they fall into two cat­e­gories: de­vel­op­ing mar­kets such as Turkey and Ro­ma­nia, which have been leapfrog­ging tra­di­tional pay­ment meth­ods to adopt new tech­nolo­gies faster, and de­vel­oped mar­kets, par­tic­u­larly the Nordics, which are evolv­ing new tech­nolo­gies at dif­fer­ing paces.

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