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BizReport : Mobile Marketing : November 27, 2011


PayPal: 2016 year UK mobile payments take off

A new report from PayPal predicts that, by the year 2016, British shoppers will be able to use their smartphones to shop on the High Street as mobile payments oust cash, checks and credit cards.

by Helen Leggatt

paypal_logo.gifFor British children born today paying by cash and leather wallets could be a distant memory as more and more outlets blur the line between on- and offline by offering mobile payments.

PayPal's recent report, "Money: The Digital Tipping Point", forecasts that in five years time UK shoppers will be able to use their mobile phones to pay for things on the High Street with digital money.

The findings were based on Forrester Consulting interviews with 10 senior executives from major UK retailers and other businesses.

PayPal currently boasts 14 million active accounts in UK, a million of which have already made a mobile payment. This year PayPal is expected to process mobile payments of more than $3.5 billion, almost five times more than it processed last year.

"2016 will mark the real start of money's digital switchover in the UK. We're not saying cash will disappear entirely, but we'll increasingly use our phones and other devices rather than our wallets to pay in-store as well as online," said Carl Scheible, Managing Director of PayPal UK.

PayPal already enables diners at PizzaExpress restaurants in the UK to pay at their table using a mobile app. Diners can pay at any point in their meal from the table and leave. On payment a message is transmitted to the restaurant till to ensure no-one's stopped at the door and accused of trying to do a runner.






Tags: digital spending, digital wallet, mobile marketing, mobile payments, smartphone, UK








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