Report Says U.K. Mobile Payments Market Leads World

July 31, 2014 –  Britain is the mobile payments market leader largely due to the P2P Paym service, which was launched in April by the Payment’s Council, according to a U.K. Payments Council report. The report, which compared the person-to-person (P2P) mobile payment services of Britain, the U.S., Japan, Sweden, India, and Kenya, examined infrastructure, ownership, speed, and the mobile banking experiences of customers. The study noted Paym is the only mobile payments service that is industry-wide to use P2P.

The report also said the U.S. and Japan lag behind Sweden and the United Kingdom when it comes to delivering P2P mobile payment services. It is difficult for India to make its service as universal as it is in Sweden and Britain due to the country’s geographic and demographic disparity. However, the report found Kenya’s M-Pesa mobile payments service has increased the nation’s inclusion and financial capability. “The U.K. payments industry’s collaborative model of change, which builds upon our existing world class real-time payments infrastructure, has delivered real benefits for customers,” says U.K. Payment Council CEO Adrian Kamellard.

About ETA

The Electronic Transactions Association (ETA) is the global trade association representing more than 500 payments and technology companies. ETA members make commerce possible by processing more than $4.5 trillion in purchases in the U.S. and deploying payments innovations to merchants and consumers.