Mobile banking apps and services are proving very popular, according to a Visa study, showing 77% of Europeans now use a smartphone to make payments and access bank accounts. Millennials are the biggest adopters of the technology, with 86% carrying out functions such as money transfers, balance checks, and general banking tasks.
Mobile payments have really grown over the last two years. In the survey, 68% have used Apple Pay, Android Pay, Samsung Pay, or PayPal’s services. This is up from 63% in 2016. This ties in with more trust in mobile being systems, with 48% happy to use a smartphone or tablet to shop for new products.
Worry over privacy is dropping too, down from 51% in 2016 to 46% for this 2017 survey.
Visa’s Bill Gajda, SVP of innovation and strategic partnerships, said:
“Visa is committed to innovation and to working with a broad spectrum of partners to ensure that consumers have access to safe, secure digital payments wherever they are, on whatever device they wish to use. We are excited by the results of this survey and the confidence and enthusiasm that consumers have expressed for new ways to pay and to be paid, embracing the digital products and services that best fit their fast-moving lifestyle.”
The average spend in Europe is 38 euros for online purchases, way above the 9 euro average spent in-stores.