Have you used your mobile to pay yet? - Money - News - Moneyfacts

News

Moneyfacts.co.uk News brings you the latest financial & economic news & reviews of the best products in the UK by our team of money experts.

Have you used your mobile to pay yet?

Have you used your mobile to pay yet?

Category: Money

Updated: 27/05/2016
First Published: 27/05/2016

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Things that make our life simpler, easier and quicker are always likely to be welcomed, and it seems as though more and more of us are taking advantage of the speed and ease of payments made via our mobile phones. And thanks to the launch of Android Pay, even more of us will now be able to jump on the contactless mobile bandwagon.

The spread of mobile payment

Figures released by MasterCard reveal that one-quarter of Brits plan to use their mobile to make a contactless payment in the next 12 months, while one in 20 are already digging out their phone to make payments once a week or more. It's clearly a growing trend, and importantly, it seems as though reservations about the new technology and its safety are beginning to fade: according to the data, 13% of surveyed consumers have no reservations at all about using this new form of payment.

However, there are still some fears about the security of using contactless payments, with 65% of respondents worrying that if they lose their phone, someone could use it to spend their money. But phones do have advantages over other methods of contactless payments; for example, they can be authorised by fingerprint and digital tokens mean that your card details aren't actually stored on the phone. As a result, Elliott Goldenburg of MasterCard UK & Ireland is confident that mobile payments will soon begin to see similar growth to contactless card payments.

How to get involved

If you want to end the days of fishing out your wallet or purse to make a payment, then you first need to check whether your bank or credit card provider is participating in mobile payments. If your provider isn't going to be taking part, then you will need to hunt out one who is! Check out our best buys to find a new current account or credit card.

Once this is sorted, all you need to do is download the Android app if you have an Android device, or the iPay app if you have an iPhone. You can then add your debit or credit cards, and you're good to go! You won't even need to open the app to make a payment - provided the amount is under £30, you merely need to wake up your phone, tap on the contactless payment console, and you're done! To make payments of more than £30, you will simply need to tap in your security code, fingerprint or lock pattern, depending on which payment service you are using.

It really is that easy! So, what are you waiting for? Join the other customers making quick and easy payments and get tapping!

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

Have your financial habits changed?

2016 was certainly a turbulent year, and it's had a notable impact on household finances. Indeed, research shows that recent events have influenced the way over half of UK respondents manage their finances, with many becoming more cautious.

Kids got £180 in pocket money in 2016

New research has revealed that kids aged 4-14 received an average of £180.44 in pocket money over the last year, which was topped up by an additional £47 on average received in cash over the Christmas period.

How much could it cost to get fit in 2017?

We’re almost a week into 2017, and hopefully, many of those New Year’s Resolutions are still going strong. Figures suggest that the most popular resolution is to achieve a healthier lifestyle, but just how much could that ambition set you back?
 
Close