When looking at views towards cash, 1 in 5 UK consumers find paying with cash inconvenient which rises to 26% for 16 – 24s, research from nVest Ventures has found.
The firm surveyed 5,000 UK respondents on their views on mobile payment and the trend towards smartphones feeding into the modern need for daily life data in real time and more control to optimise one’s life.
In the UK, so far 11% have paid in-store using an app or mobile phone and a further 18% haven’t but are interested in doing so. Millenials (born after 1981) are most interested in mobile payment with 41%.
In regards to wanting more control over their personal finances, 1 in 10 UK consumers use their smartphone to monitor the amount they spend on a daily basis. In fact, 35% of the UK would be interested in a service that calculated their likely future financial situation using information about their current work performance and spending habits which rises to 58% for Millenials.
Kerry Rheinstein, head of nVest said about the launch of Apple Pay: “The entrance of Apple pay into the UK marketplace highlights the future becoming more cashless.
“Consumers are looking for alternative payment methods such as Apple Pay for speed and convenience, but also for more control over their finances using synced systems and smart prediction methods.
“Innovation doesn’t stop at Apple Pay, we anticipate new payment methods that are more secure such as biometric payments, using heartbeat as a way to authenticate payment, or completely cashless payments based on data exchange and social currency.
“Cashless systems allow for greater personalisation of perks and services which underlines the thrust of UK consumer expectation over the coming years.”