Mobile payments are now the predominant form of payment for Brits, with nearly half (43%) making purchases via their mobile on a weekly basis.
That’s according to a new report released by Rapyd, the leading fintech-as-a-service partner, showing that of those who made an e-commerce purchase in the last 90 days, on average, 49% paid with their mobile phones, compared to 47% who used their laptop. Specifically, Rapyd’s analysis finds that clothing, restaurants, groceries and utility bills are the most popular transactions made in the last 90 days, showing that Brits are now preferring to use their mobiles for everything from day to day purchases through to more sensitive transactions.
Interestingly, Rapyd’s European E-commerce & Payment Methods Report also finds that eWallet usage is steadily growing in popularity for Brits, with ApplePay usage being the highest observed in Europe (29%). Furthermore, one in six (16%) say that ApplePay is their preferred in-person payment method, a figure that is higher than cash (12%) and on par with credit cards (16%).
As a result, Rapyd is urging businesses of all sizes to ensure they have the right tools in place to support a multitude of payment options for their customers.
Commenting on the findings, Sarel Tal, VP EMEA at Rapyd, said:
“With consumers having to go cashless in the height of the pandemic, many realised how convenient mobile phone payments are and have since kept this habit up. Our findings show that mobile payments are not only here to stay, but are now the preferred payment method for a variety of e-commerce purchases, from getting takeaway delivered to paying bills. Furthermore, we expect this trend to accelerate, with UK mobile commerce predicted to grow at more than twice the rate of the overall eCommerce sector - reaching GBP £100 million by 2024.
“It’s therefore critical that businesses take time to understand the shift that is happening and ensure they have the right infrastructure in place to support their British customers’ habits and preferences. For example, our findings show that more than a quarter of UK consumers want to see PayPal as an option at the checkout, while 13% are looking for ApplePay. Offering multiple relevant payment options in a way that’s quick and secure not only prevents cart abandonment, but also helps to facilitate a seamless experience that encourages repeat customers in the long-term.”