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UK Consumers Stay Loyal, Lug Less with Mobile Wallets

Mobile banking maintains upward momentum

Mobile wallets continue to rise in popularity in the UK, based on May 2014 polling by Marketing Sciences. The study—which defined a mobile wallet as “a secure app on your smartphone which can hold all your debit/credit cards but also loyalty cards, vouchers and travel cards”—found that two-thirds of UK adult smartphone owners would be interested in using a mobile wallet.

The ability to collect loyalty points and redeem vouchers were the mobile wallet features of most interest. Why the appeal? Mobile wallets let consumers keep their loyalty cards and paper vouchers at home—lightening the load of their physical wallets while letting them collect points and save money on the go. On top of that, respondents saw little risk when using a loyalty card via a mobile wallet.

Meanwhile, around one-third of respondents were interested in making payments up to £20 ($31.25), and just 15% said the same for unlimited payments. These low percentages were likely due to trust issues.

Mobile banking activity in general continues to rise in the UK, according to data released in July 2014 by Accenture. The research found that 27% of UK banking customers banked via mobile at least monthly, up from 21% in 2012. Over three-quarters of that activity took place on a daily or weekly basis. Meanwhile, internet banking had neared saturation, plateauing at 80% of respondents in 2014, the same as in 2011 and just 2 percentage points higher than 2012.

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