New survey finds that nearly half of consumers believe all payments will be made using mobile devices by 2022 and retailers ignoring this could miss out on millions of customers.
New research among 2,000 UK adults by payment app Ubamarket has revealed how out-dated payment systems are driving away customers. The research found:
- 20% of UK adults say in-app payments are their favourite method of paying for items. This rises to 34% among 18-34 year olds.
- Over 10 million people (20%) will consciously avoid shops, restaurants, newsagents, cafés or bars that only accept cash.
- 73% of UK consumers – 37.5 million people – have changed their mind and decided not to buy something having seen the size of a queue in a shop.
- 53% of shoppers find queues the most frustrating thing about the retail experience.
- 32% of people pick an online or high-street retailer based on how easy it is to pay for items.
- One million people (41%) believe all payments will be done via mobile devices in the future.
- The figure jumps to 53% among millennials.
The findings indicate that UK shoppers are turning away from time-consuming checkout queues and towards rapid payment methods. Some 73% of respondents – the equivalent of 37.5 million people – have changed their mind and decided not to buy something after seeing the size of a shop’s queue. The nationally representative study by the retail app also revealed that ease of payment has become a make-or-break factor for retailers seeking to gain and maintain shoppers.
Ubamarket’s research found that retailers risk frustrating would-be customers by maintaining archaic payment methods – over 10 million customers (20%) will consciously avoid shops, restaurants, newsagents, cafés or bars that only accept cash. Moreover, 32% of Brits actually select online or high-street retailers based on how easy it is to pay for items.
Unsurprisingly, the survey finds in-app payment “a timely solution”; 41% of respondents expect that all payments will be processed via mobile devices in the future. According to the research, in app payment is already the preferred method for one-fifth of all shoppers.
