Qualified advisers answering your
Financial Questions
call 0800 092 1245

£1 in every £7 will be spent via smartphone by 2024


New research has shown that mobile devices will be used to pay for £1 in every £7 spent in the UKs shops in the next 10 years.

Last year, Brits spent £9.7 billion in UK shops via their smartphones or tablets. In 10 years time, this figure is set to rise to £53.6 billion a year, according to a study from Barclays Bank.

The study predicts that by 2024 smartphones will play a part in 42% of all retail sales, and will be used to browse products, pay for items at the tills and register complaints. New services such as Paym and Zapp are being adopted by increasing numbers of retailers, including Asda and House of Fraser. Last year, one in five people bought clothes via a mobile devices, making fashion the most popular form of mobile shopping.

Despite the current trends, less than a third of UK retailers have a clear plan to begin investments in mobile technology. More than 70% of retails told Barclays that they believe mobile services do not help to generate new sales.

Richard Lowe, head of retail and wholesale at Barclays said:
“There’s some theatre about retail and it’s a social occasion too. Some of these mobile features will bring back that theatre,

I think show-rooming will continue, but it’s part of a retailer’s marketing – when you have a physical high street store, internet sales do increase because people see and think about the brand.”

Need Financial Advice?

If you have any personal finance questions related to this news article, please contact our financial advisers. You can get in touch by asking a question online, calling us on 0800 092 1245, or by arranging a visit.

Share this..

Related stories

Financial Guides

Financial Calculators

Our useful calculators can help you get your finances in order:

Latest News


Helpful new tax year facts that could affect you and your money

Blog | Seven helpful new 2016/2017 tax year facts that could affect you and your money. Our recent online blog shares a brief outline on how to stay up to date.

Read more

Useful Links

Popular Searches

Please Enter More Details

Enter More Details