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Recent industry developments point toward a brighter future ahead for mobile payments in the UK. However, no matter how hard a particular industry tries, its efforts count for nought if there's no consumer demand. In the mobile payments space there is demand, and it's coming from a predictable source.
According to July 2014 data from JWTIntelligence, UK internet users ages 18 to 34 were much more positive about mobile payments than any other age group surveyed. Almost half (48%) said they would like to use their mobile phones for small transactions, for example, well above the 29% average across all age groups.
It should be noted that this survey question asked UK internet users who hadn't used a mobile phone to make a purchase in the past year. The report also asked internet users whether they had used certain digital payment methods in the past year.
Again, the millennials age bracket was the most vocal—24% said they had used a mobile app, while 10% said they had used their mobile phone in a "tap to pay" scenario. Uptake levels among those over 35 were negligible—just 5% for both categories.
These numbers—for those already using and those willing to use mobile payment services—stack up to make for a compelling case for millennials driving the mobile payment industry in the UK, from a user perspective, at least.
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