Report: U.K. Consumers Don’t Trust Mobile, But Cards are Fine
Feb. 12, 2015
While U.K. consumers are making mobile transactions at a higher rate than last year, the number of people that perceive them to be the least secure way to pay for things has doubled, according to a new report from payments technology provider Compass Plus. More than 71 percent of respondents called mobile payments the least secure way to pay. On the other hand, the number of people who trust credit and debit cards on the Internet has risen by 20 percent. Cash remained king, with nearly 73 percent calling it the most secure way to pay. The takeaway, according to the company, is that consumers trust familiar payment methods and want to apply them in different channels.
“What is really clear from these results is the growth of the multi-channel consumer,” said Maria Nottingham, CEO of Compass Plus Great Britain. “People want the choice to carry out different transactions using different channels and payment methods, making the proliferation of any one channel in the future appear unlikely. It will, however, be interesting to see the correlation between trust and convenience for the mobile channel as consumers become more educated about the security measures in place and it crosses over into the mainstream.”