One-in-two people are more likely to use a new mobile payment method if it comes from a bank, according to a study by VocaLink.
Almost half of the 5000 UK consumers sampled by VocaLink identified bank involvement as a key driver in the move to mobile payments.
The research found that consumers are becoming more comfortable using mobile banking applications for more than just routine balance checks, as one-in-four now use their handset to transfer money to other people, move cash between accounts and view transaction histories on a regular basis - up from just seven percent two years ago.
Importantly, security concerns have become less of an issue in deterring mobile payments uptake, which remains nascent. Confusion over how mobile payments work in addition to a lack of knowledge around brands that operate in the space is proving more of an issue, creating an opportunity for banks to bridge the gap.
Cara O’Nions, marketing & customer insight director at VocaLink says: “Mainstream banks have the biggest opportunity, since mobile banking and payments are seen by consumers as an extension of a relationship that already exists. Respondents were much more likely to use new payment technology if prompted by their bank, as they trusted and indeed expected them to provide these services.”