According to the Mobile Money report from Visa, over GBP 1.2 billion will be made per week via the method by 2020.
The study also points out that consumer adoption of mobile payments will grow faster than ever in the next five years, with 6 in 10 Britons (60%) expecting to use their mobile devices for payments at least once a week by 2020.
According to the report, which surveyed over 12,000 consumers in the UK, Finland, France, Germany, Poland and Spain (2000 from each country), 1 in 4 Brits expects to use their mobile phone to make payments on a daily basis by 2020, growing from the 1 in 12 who do so already today.
The average shopper expects to spend GBP 27 on mobile each week by 2020, GBP 10 more than is spent today and nearly a quarter of respondents (24%) predict they will spend more than GBP 50 a week using their mobile device by 2020.
The increasing publicity around m-commerce options, digital wallets and contactless payments, has led 43% of shoppers to say they would be interested in using a mobile wallet service and nearly half (47%) are interested in using their smartphone to make everyday contactless payments in a shop.
The report also notes that while apps and music are still the items purchased most frequently via mobile devices today, a growing number of consumers are already buying higher value items, with electronics (23%) and clothes (22%) among their top-five most purchased m-commerce items.
When looking at the main concerns about mobile payments, a third of respondents admitted that they did not know enough about it. As with other new technologies, this has resulted in apprehension around issues such as privacy, fraud and security.
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