20 million shoppers will be using their mobile phones to pay for goods and services by the end of the decade, according to new research from the Centre for Economic and Business Research.
The same study also predicts that the value of purchasing via mobile phones will triple to £14.2 billion by 2018, while by 2020, mobile payments will represent 1.4 per cent of total consumer spending.
The Centre for Economic and Business Research also suggests that the benefits of this mobile activity increase will be a reduction in fraud, lower transaction costs and an easing of cash flow problems.
UK based mobile payment specialists Powa Technologies’ chief executive, Dan Wagner, is championing the findings: "Mobile point of sale should be at the heart of any retail technology strategy.
"The technology will be especially helpful in crowded shops in the run up to the festive season, improving the shopping experience by reducing waiting time and making the process more personalised.
"More than ever before the industry needs a technology driven revolution to create new ways to engage with customers as they gear up for Christmas."