Report: U.K. Consumers Prefer Mobile for P2P and Bill Payments

Nov. 4, 2010

VocaLink, a Dutch payment specialist, recently published research showing that the ability to make interbank payments immediately via a mobile phone holds a strong appeal for U.K. consumers. The research, conducted with consumers and small and medium enterprises during July 2010, looked to measure the appeal of making and receiving interbank payments, in real-time, from a mobile phone and to establish what was considered important when using such a service. The research also measured their awareness and experience of faster payments in the U.K. According to the research, rather than using cash, check or card, mobile payments would be the most popular payment method option for transferring money to friends or family (53 percent) and when paying urgent bills (44 percent). Consumers would also be willing to pay £.05 ($.08) per transaction to use the service. “Our research shows that as mobile phone usage continues to grow, Immediate Payments has the potential to become ubiquitous,” said Kris Kubiena, director of consulting services at VocaLink. “In today’s modern world, both consumers and small businesses need to be able to move money instantly and easily.”