Mobile payments soar as Europeans embrace new ways to pay
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.