Mobile banking, payments more popular among men, younger consumers
More than two-fifths of UK smartphone users already use mobile banking, according to a February 2013 survey of more than 10,000 UK internet users ages 16 to 65 from payment services company VocaLink. And as more consumers become comfortable with mobile banking, mobile payments are also catching on.
Nearly one-third of smartphone users reported using mobile payments, and another 32% said they were interested in using such technology. While a slightly greater 37% said they were not interested, mobile payments are still relatively new. The survey’s findings suggest that a good chunk of UK consumers are reasonably educated about mobile payments and ready to join in.
The demographic breakdown of mobile payment users showed a skew toward men and especially those in the 16-to-34 age group. Twenty-three percent of male internet users reported using mobile payments vs. 18% of females. And a substantial 41% of 16- to 24-year-olds and 35% of 25- to 34-year-olds also said they made mobile payments. Overall, mobile payments reached one out of five surveyed internet users in the UK.
Mobile banking was similarly more popular with men, who made up 55% of total mobile bankers. And 60% of total mobile bankers were also between 16 to 34 years old, according to the study.
When it came to types of mobile apps used to make payments, PayPal Mobile was the most popular among UK mobile payment users, at 64%. But mobile banking apps followed, at 40%, showing that mobile banking continues to be an entry point for mobile payments.
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