UK Consumers loading up online shopping carts
Latest numbers from BBA and Ernst &Young show just how rapidly online secure payments to eCommerce businesses are increasing. Mobile and internet banking figures show that over $8.7 billion each week is spent by UK consumers via the internet and mobiles.
Digital banking is becoming more popular in the UK, and this latest step up – a rise of more than 11% on 2013’s numbers – is seen as confirmation that UK consumer habits have reached critical mass for online businesses.
Over 14.5 banking million apps for smartphones and tablets have been downloaded in the UK, and this number is increasing at a market busting rate of 15,000 per day. Spending on contactless cards is expected to rise from $3.2 million per week to $8.3 million this year.
Traditional businesses continue to compel consumers to move to online payment
This move toward contactless payments and eCommerce online payment is causing many traditional businesses to look at new models.
The latest of these is Transport for London, which announced last week that it would no longer accept cash as a form of payment, saying that only 1% of all ticket transactions are paid for with notes and coins. It expects more customers in the future to pay for their ticketing needs in advance online, and says the £24 million per year savings will be reinvested in network improvements.