Up to 185 million European consumers are expected to use mobile payment apps over the next 12 months, according to an ING survey of more than 14,000 individuals worldwide.
While 33% of Europeans with access to a mobile device such as a smart phone or tablet have already used a mobile payment app, this is expected to increase to 51% over the next 12 months.
Turkish (56%) and Polish (43%) mobile device owners are leading the way when it comes to embracing mobile payments, while the Netherlands was rated the 'most developed' mobile banking market, with the United States in second place, closely followed by the United Kingdom.
Against this backdrop, half of people in Europe say they are using physical cash less than 12 month ago, with consumers in Turkey, Poland and Italy giving up notes and coins at the fastest pace.
ING senior economist Ian Bright says the results picked up a major shift in consumer attitudes and behaviour towards mobile banking and payments.
"While physical cash still has its place in society, mobile payment apps are giving consumers greater freedom when it comes to managing their finances," he says. "The instant visibility offered by mobile banking also means more consumers feel in control of their finances, claiming to have avoided missing payments and keeping on top of bills.”