A study by the Centre for Economic and Business Research (Cebr), commissioned by Zapp, predicts that 20 million adults will use their mobiles to pay for goods and services by 2020, with the value of purchases tripling from current levels to £14.2bn in 2018. The forecasted mobile payment will represent 1.4% of total consumer spending. The report also highlights four key areas where mobile payments are expected to benefit consumers, businesses and the Exchequer: - reducing fraud, lower transaction costs, putting consumers in control and reducing cashflow issues .
Douglas McWilliams, Executive Chairman, Cebr, said, “It’s clear that the UK economy stands to benefit in multiple ways from the widespread adoption by consumers of mobile payments. But for the full potential to be unlocked, consumers need to be reassured that mobile payments are hassle-free, safe, secure and widely accepted. That will require strong cooperation across the financial services, retail and payment industries.”
Peter Keenan, Chief Executive of Zapp, said, “The report’s findings are fascinating as they’re the first to take a holistic view of the economic impact of mobile payments. It is easy to become fixated simply on the monetary value of payments that will be made over mobiles – this report shows there are much wider benefits to consumers, businesses, and the Exchequer. At Zapp, we’re building a comprehensive alliance of financial institutions, retailers and merchant acquirers and we’re confident that as a result we will play a major role in unlocking these benefits when we launch to consumers in 2014.” Source - Center for Economic and Business Research (Nov 5, 2013)
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