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Study: UK mobile payments projected to hit over £1.2 billion a week by 2020

Visa Europe predicts that 6 in 10 Britons (60 percent) will expect to use their mobile devices for payments at least once a week by 2020.

The U.K. is becoming an increasingly "cash-last" society as one in four Brits expects to use their mobile phone to make payments on a daily basis by 2020, growing from the one in 12 who do so already today, according to new research from Visa Europe.

Visa Europe predicts that six in ten Britons (60 percent) will expect to use their mobile devices for payments at least once a week by 2020. The U.K. mobile payments boom will see an upsurge in the weekly value spent using mobile devices, with the market growing to an estimated 1.2 billion pounds  per week by 2020, according to the repotrt. The average shopper expects to spend 27 pounds ($41) via mobile each week by 2020, an increase of 10 pounds ($15) from today, according to the report. 

Nearly a quarter of respondents (24 percent) predict they will spend more than 50 pounds ($76) a week using their mobile device by 2020, according to the report. While apps and music are still the items purchased most frequently via mobile devices today, Visa has observed a growing number of consumers already buying higher value items, with electronics (23 percent) and clothes (22 percent) among their top five most frequently purchased m-commerce items.

With the increasing publicity around m-commerce options, digital wallets and contactless payments, 43 percent of shoppers said they would be interested in using a mobile wallet service and nearly half (47 percent) are interested in using their smartphone to make everyday contactless payments in a shop.

"While we're excited to see consumers saying they expect to triple their weekly spend using mobile payments over the next five years, we at Visa think those numbers could be rather conservative and that the actual adoption rate will be much higher," Jeremy Nicholds, executive director for mobile of Visa Europe, said in a statement. "This is particularly true when you look at the growth in contactless usage, which saw European usage grow by 2x and spend grow by 3x over the last 12 months. Contactless and online commerce enhancements have been key in paving the way for the next generation of mobile payment technology.

"The environmental conditions are already in place to meet the demands and expectations for digital payments. It's no longer a question of if consumers will embrace this new way to pay — it's when — and for us the next 12 months are when mobile payments become mainstream."