Banks preferred as mobile wallet providers

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A small majority of UK consumers would choose traditional banks to operate their mobile wallet services, but given an alternative up to a third would switch to another provider such as Apple, PayPal or Google.

The research, conducted by Lexis among 1000 UK smartphone owners, found that 48% of consumers would choose traditional banks to operate their mobile wallets. Along with being the most trusted provider of mobile payment services, consumers also highlighted banks as their most influential opinion-formers when considering making a purchase via their mobile.

However, the research also showed that 31% would seriously consider, or indeed prefer, using an alternate service provider to their existing banking partner for mobile payment and banking transactions, if given the option.

Nearly half of those polled already use their mobile to purchase items and two thirds (61%) use it to research or compare prices. Indeed, the ability to access deals on the move was considered a key benefit that would drive consumers to use their mobile more to shop and bank.

As ever, security concerns still prove a barrier to adoption amongst respondents, with potential hacking or mobile phone theft cited as a major concern by two thirds of respondents (61%).

James Thellusson, head of corporate at Lexis, comments: “Traditional financial service players may be dominant forces in this space now, but the fickle nature of tech-savvy consumers opens the door to other players within the ecosystem to establish themselves firmly as a credible partner in managing consumer’s mobile wallets.”