UK economy to reap benefits from mobile payments

Mobile payments have been touted as the next iteration of purchasing ease, making the shopping process quick and simple. However, a recent report from the Centre for Economic and Business Research (Cebr) found that this mode electronic payments may have far greater benefits for the economy as a whole.

The study predicted that by 2020, 20 million adults in the UK {spell out first} will be using their mobile devices to purchase products, with the value of these payments totaling £14.2 billion in 2018 - which is triple that of current levels.

Furthermore, the researchers forecasted that mobile payments will also help cut down on fraud stemming from credit card information that is lost, stolen or intercepted in the mail, which cost consumers £68 million last year.

"It's clear that the U.K. economy stands to benefit in multiple ways from the widespread adoption by consumers of mobile payments," said Douglas McWilliams, executive chairman of Cebr, in a statement. "But for the full potential to be unlocked, consumers need to be reassured that mobile payments are hassle-free, safe, secure and widely accepted."

In the United States, more than half of smartphone users are already making payments using their mobile devices, according to

a study from Credit Union National Association.