According to the last ING International Survey Study on mobile banking, Luxembourg’s residents seem to be less willing than their European counterparts to use mobile payment apps.
More than three quarters of Luxembourg’s residents (77%) declared they have never used a mobile payment app, compared to 63% for the European average. This can be explained by two main elements: firstly by the fact that the majority of respondents (52%) do not trust mobile payment apps and secondly for 32%, by the fact that they have never had the opportunity to use this type of application.
Among those who trust this type of app, the vast majority (85%) trust applications provided by their bank the most, and only (15%) trust applications developed by other actors more than those developed by their own bank.
Over time, consumer confidence in mobile payments has increased in Europe: in 2014 41% of respondents claimed they feel that their money is secure and that they do not fear losing it when using mobile payment applications, versus 37% in 2013. In Luxembourg, this figure increased from 24% in 2013 to 28% in 2014.
As far as the use of cash is concerned, 38% of Luxembourg’s residents say they use less physical cash than a year ago. This is lower than the European average (50%) and much lower than in countries like Italy (60%), Poland (63%) or Turkey (68%). Only (23%) of Luxembourg’s residents say they intend to increase the amount of payments they make with their smartphone against 46% for the European average.
Alternative currencies have yet to catch in Luxembourg as only 5.1% of residents trust bitcoin, a digital currency, versus 14% for European average. In Luxembourg, 12% of those aged 18 to 24 trust bitcoin versus only 2% of those aged 55 and more.
More details on eZonomics.com: http://www.ezonomics.com/ing_international_survey/mobile_banking_2015.
Photo by ING Luxembourg
