24 October 2017
Find out more

Banks should be at the forefront of digital payments - VocaLink

18 February 2013  |  2590 views  |  0 Source: VocaLink

New research from VocaLink into UK consumer appetite for alternative ways to pay on mobile devices reveals that 81% of those interested in new digital payment methods say they are more likely to adopt such services if they are provided by their bank.

The independent research undertaken by Accord on behalf of VocaLink, includes both qualitative and quantitative analysis across 5,000 UK consumers, merchants and businesses.

The research shines a light on Britons' current smartphone and tablet payment habits.
• 33% of smartphone owners in the UK have used them to shop online
• 42% of smartphone owners have used them for online banking
• 43% of tablet owners in the UK have used them to shop online
• 33% of tablet owners have used them for online banking

Paul Stoddart, managing director, strategy and business development, VocaLink, commented: "These figures demonstrate the opportunity to revolutionise the UK payments industry using portable devices to support the growing population of people who already transact digitally. Growth in use of these devices is exponentially faster than it was for services using fixed internet connections.
Mobile payments have long been seen as the next revolution in payments. Yet despite the popularity of smartphones and tablets and a number of companies entering the space, no one payment method has as yet succeeded in achieving ubiquitous adoption. VocaLink has commissioned this research to find out what Britons really want from a next generation in payment services."

Convenience and ease of use are important factors in encouraging consumers to adopt these new ways to pay. However security remains as important for new digital methods as well as existing payments methods.

"For those interested in new payment services, 81% indicated they would be more likely to use them if they were provided by their bank - and of those, around half indicated they would be encouraged to transact more using their mobile device. This indicates that banks are trusted to provide safe and secure transactions, regardless of channel and the delivery of alternative payments is a clear opportunity for banks to maintain and build greater customer engagement. Traditional institutions have a key rrole to play and should be at the forefront of payments innovation by delivering services based on consumer demand," concluded Mr Stoddart.

Comments: (0)

Comment on this story (membership required)

Related company news

 

Related blogs

Create a blog about this story (membership required)
Register nowvisit www.fivedegrees.nlvisit www.atos.net

Top topics

Most viewed Most shared
Mastercard to roll out blockchain APIMastercard to roll out blockchain API
20044 views comments | 31 tweets | 43 linkedin
HSBC partners Bud for open banking trialHSBC partners Bud for open banking trial
15356 views comments | 24 tweets | 32 linkedin
Sibos 2017: API or the highwaySibos 2017: API or the highway
11059 views comments | 12 tweets | 23 linkedin
Eight banks form joint venture to launch blockchain trade platformEight banks form joint venture to launch b...
9185 views comments | 15 tweets | 29 linkedin

Featured job

Competitive base, double ote, benefits
London, UK

Find your next job