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More than half of UK consumers pay for goods with digital wallets

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On 19 November, Real Business reported that UK consumers were embracing change when it comes to their shopping habits as the number of contactless payments made in October hit 16.69m – a rise of over 150 per cent in the last six months.

Indeed, Morrisons told us it is planning to support the adoption by adding contactless payment support to all of its stores throughout 2015.

Following on from that, 54 per cent of UK consumers now use digital wallets – services which store multiple card details, such as PayPal or MasterPass – to purchase goods online, according to Skrill.

Chantal Willis, VP of ecommerce at Skrill, said: “Payment behaviour is one of the fastest changing trends in business today. The challenge for businesses, whether online or on the high street, is catering for contrasting segments of the market.”

The data finds that 14 per cent of 18-24 year olds use digital wallets for all online purchases, but those aged 55 and over lower the average, as 37 per cent have never used a digital wallet when online shopping.

Comparatively, four per cent of all Brits say they have never bought any products online before.

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As we’ve already discussed, bricks and mortar stores are being changed too. Some 17 per cent of 18-24 year olds pay for goods on the high street with smartphones, contactless readers, text message or location-based sensors connected to their mobiles – this falls to just two per cent for those aged over 55.

“While high street stores generally stick to tried and tested payment methods, online businesses have begun to embrace emerging payment methods to make sure they are not missing out on crucial sales,” Willis added.

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