Bank-based mobile money services ‘more trusted’, suggests research

Half of Brits already using phones for purchases

European smartphone shoppers are even more confident engaging in mobile commerce if they could do so using services provided by their bank, according to research commissioned by mobile money specialist, Monitise. The research, conducted by the Future Foundation, reveals six-in-10 UK smartphone users (57 per cent) would feel more confident buying goods and services by mobile if they could use apps provided by their bank.

This confidence is even stronger among Spanish consumers at 68 per cent while 50 per cent of smartphone owners in Germany feel the same way.

The Future Foundation report, M-commerce: What consumers want from financial institutions, found that more than 50 per cent of UK respondents are already buying goods on their smartphones.

Leading factors likely to prompt UK consumers to buy products and services via a bank app include ease-of-use (60 per cent), incentives such as loyalty schemes at 49 per cent, direct insights from their bank on the state of their finances and budgets at 46 per cent and convenience at 37 per cent.

More than half of those surveyed would trust sites endorsed by a bank, varying from 51 per cent in Germany and 57 per cent in the UK to 68 per cent in Spain.

Also among the findings, smartphone shoppers say they are more open to buying higher value items if it can be done through a bank app.

Tickets for travel such as flights and trains were the most popular items cited, at 65 per cent, 47 per cent and 45 per cent among Spanish, German and UK consumers respectively.

Tickets for services such as entertainment and sporting events were the second most popular items.

Meanwhile Aim-listed Monitise, whose major shareholders include the European arm of Visa, sees 2013 as its make or break year when it should finally break into profit, paving the way for a full listing either on the LSE or Nasdaq.

About Dave Evans

Dave Evans was a long established commentator on both the IT and cellular industries. His last focus was on share price trends within the sector. He passed away in September [2014].
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