More than a third of students want mobile payment option in-store

As University and college towns in the UK prepare for onslaught of a new academic year, with new students, they should be prepared to accept mobile payments in stores, according to a new survey from Vista Retail Support.

by Helen Leggatt

Last year, students in the UK spent more than £30 billion. By 2020, that figure is expected to rise to £37 billion, a good reason for retailers to make themselves as appealing as possible to this segment of society.

One way in which retailers can tempt students in-store is to offer mobile payment options, says Vista Retail Support. Their recent research found that more than a third (36%) of students want to pay for purchases with their smartphones. In fact, their research found that mobile payments are almost as popular among students as payments with contactless cards, which 71% of students possess.

"Although many retailers are fully equipped to accept contactless payments we are finding that both in-store colleagues and customers are unaware of this and as a result are missing out on lucrative sales. The key to unlocking this revenue stream is by educating staff on the store's payment capabilities and making students aware that contactless payment is welcome," said James Pepper, technical service director at Vista.

"As retailers prepare for the annual influx of students, they must ensure they can cater to this valuable demographic and turn them into loyal customers. With the right solutions in place, canny retailers can ensure they are top of their class in the eyes of student shoppers," he says.

When it comes to wearables, the survey found that very few students, just 9%, own such technology. Instead, 96% of students prefer to pay with cash, mobile or cards - just 4% chose wearable technology as their preferred method of payment.