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December 23, 2014

Brits will switch banks for mobile payments

A third of them plan to switch their banks within a year.

By CBR Staff Writer

21 million British consumers (44%) are prepared to switch their current bank if it does not offer mobile payments, signifying the change in attitude towards alternative payments, according to a new survey by mobile payments firm Zapp.

A third of these said they intended to switch their banks within a year, exposing the escalating enthusiasm for mobile payments over the past 15 months.

Zapp CEO Peter Keenan said: "The success of early forms of mobile payment and the buzz around forthcoming launches of mass market initiatives has clearly whetted consumers’ appetites."

"This research shows that anticipation levels are running high and it suggests banks and retailers stand to gain significant competitive advantage from offering and accepting mobile payments early."

"I’m confident 2015 will prove a tipping point, as simple, secure mobile payments like Zapp become a reality for millions of British consumers."

The 35-44 year old age demographic were highly keen about seeking the mobile payment service, with 46% of them already making payments via their devices.

Most of the consumers noted that their mobile will turn out to be their preferred payment method before 2020 for all purchases, including sandwiches (51%); car fuel (52%); and travel tickets (57%).

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Half of them also plan to purchase electronic products via mobile, with one in five stating they would buy a house via a mobile payment service.

By 2019, 47% of respondents preferred to shop online or in-store with a retailer as it accepted mobile payments, with 24% stating they would do so within a year.

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