Connecting to LinkedIn...


British Shoppers Making The Move To Mobile Payment

14/04/2015 by Stuart Wilson


UK shoppers are increasingly turning to their mobile devices to pay for goods, with almost £1 in every £7 of purchases in British shops likely to be made via a smartphone or tablet come 2024, according to new research.

As the Telegraph reports, the study from Barclays predicts that Britons are set to spend £53.6 billion a year via portable devices in ten years' time. This would represent a significant rise from the £9.7 billion spent in the past year.

Mobile devices will account for 13.7% of retail sales, according to Barclays, a leap from just 3% last year.

Smartphones and tablets already play a substantial part in the purchasing process, but by 2024 these gadgets are expected to be used in 42% of all retail sales, whether that be simply browsing products or paying at the tills.

Some retailers are already planning for the seismic shift in how customers settle their bill, implementing new services such as Paym and Zapp in order to capture market share.

Richard Lowe, head of retail and wholesale at Barclays, suggests the move will be good news for retailers.

He said: "There's some theatre about retail and it's a social occasion too. Some of these mobile features will bring back that theatre."

However, many retailers seem less than convinced, with only a third of the 221 businesses polled stating they had a clear plan to invest in mobile. This is likely to be a result of more than seven in ten retailers saying that mobile services do not help generate new sales. Instead, they believe it reflects the rise of "show-rooming", i.e. browsing on the high street before trying to find the product cheaper on the internet.

"I think show-rooming will continue," Lowe added. "But it's part of a retailer's marketing - when you have a physical high street store, internet sales do increase because people see and think about the brand."


Financial Services Technology, mobile, Britain, Tech, Digital

comments powered by Disqus

Latest Media

    Load More Media