According to new research from Visa Europe, one in four Britons is expected to use their mobile devices for payments on a daily basis by 2020.
This is in comparison with the one in twelve Britons who already do so.
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In addition, consumer adoption of mobile payments will grow faster than ever in the next five years with 60% of Britons using their mobile device for payments at least once a week.
The weekly value of mobile device spending is also set to increase, reaching £1.2bn ($1.8bn) per week in 2020. The average shopper is expected to spend £27 on mobile each week by 2020, £10 more than what is spent today.
Furthermore, nearly a quarter of respondents predicted that they would spend more than £50 a week using their mobile device by 2020.
43% of shoppers told Visa that they would be interested in using a mobile wallet service and 47% were interested in using their smartphone to make everyday contactless payments in a shop.
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By GlobalDataJeremy Nicholds, executive director for mobile at Visa Europe, said: "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.
"It’s no longer a question of ‘if’ consumers will embrace this new way to pay – it’s when – and for us the next twelve months are when mobile payments become mainstream."
