The latest biennial ‘State of Pay’ research was commissioned by Mastercard Vocalink and conducted by Ipsos in July/August 2019. The research explores UK attitudes and behaviours to payments, the rise of digital-only banks and the advent of Open Banking.
Since the last report in 2017, the UK's mobile proposition has matured and the industry is moving beyond the traditional payments space to enable choice and innovation across the wider digital ecosystem, with incumbent banks and other global payment providers the best-trusted to provide new payment solutions or financial services.
Some highlights from the report:
- 15% of 25 to 34-year-olds hold an account with a digital only bank and about a third (30%) of 25 to 44-year-olds say they are considering opening a digital-only account, but haven’t yet.
- Contactless mobile payments are also fast gaining ground with use more than doubling since 2017 – 64% of adults use contactless to pay for small daily purchases (under £30) in 2019 versus 34% in 2017
- We observed significant regional variation in the use of contactless payments, with more respondents in the South East or Greater London using contactless payments for small everyday purchases than those elsewhere.
- This 2019 study was commissioned by Vocalink, a Mastercard company, and was conducted by Ipsos, a market research company.
- The first stage of the research was a quantitative survey conducted online.
- 2002 UK adults aged between 16 and 75 were interviewed online via the I-say online panel. The qualifying criteria for this audience was ownership of a current account and regular use of a mobile phone. Quotas were set on age, gender, social grade and region, with data weighted after fieldwork to the known profile of UK adults by age, gender, social grade and region.