Saturday 10 October 2015

Mobile pay gains momentum in UK market

According to one recent study, nearly half of all online transactions are completed via mobile payments in the UK. That puts the UK ahead of all other nations when it comes to mobile pay.

Starbucks has expanded its mobile order and payment availability to all UK stores--but only for Apple iOS users. Sorry, Android users, you'll have to wait for Starbucks.

But then there's Google's Android Pay, soon to be launched in the UK as a rival to Apple Pay.

And Samsung Pay, a success in the company's home country and now being introduced around the world to rival Apple Pay.

Apple Pay, meanwhile, has been tried at least once by 4 out of 10 Apple device owners in the UK.

Does this mean fewer pence and pounds being handed over at the till? Just this year, cash transactions lost their traditional lead and now non-cash (including credit, debit and mobile) payments account for more than half of all transactions in the UK. So yes, expect fewer cash transactions as Millennials and Gen Y consumers enjoy the contactless payment functionality of their smart phones, tablets and other digital devices.