Europeans rapidly adopting mobile payments

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The number of Europeans who will use a mobile payment application in 2015 will rise 51% year over year for a total of about 185 million, according to an ING survey.

59% of 14,000 consumers said they are more likely to use bank-associated

An iphone
Europeans rapidly adopting mobile payments

apps for mobile, compared to 39% of those who will use “named groups” such as Google or Apple.

“The global market for mobile payments is reported to be growing rapidly and what we’re seeing is a major shift in consumer attitudes and behavior to support that growth, though not everyone is convinced about moving to a cashless society just yet,” says ING’s Ian Bright.

He notes users feel mobile banking apps give them a greater sense of freedom and control over their finances. The ING poll also found half of respondents said they used a mobile payment app because it is faster, 42% because it is easier, and 33% because it is usable in multiple locations.

Meanwhile, 42% who have not used such apps cited a lack of trust, 41% listed a lack of opportunity, and 10% noted a lack of understanding. The survey also found more European consumers, particularly those in Turkey and Poland, are adopting mobile payments than their U.S. counterparts.

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