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: www.ezonomics.com/ing_international_survey/mobile_banking_2015.