U.K. Consumers Still Label Mobile Payments Too Risky
Oct. 28, 2013
Security concerns, whether they are real or imagined, continue to dog consumer adoption of mobile payments in the U.K., according to a new study. Fewer than one in every four U.K. consumers said they would make payments with their smartphone even if they already had the relevant app downloaded to their device.
The survey, conducted by London-based market research firm YouGov and commissioned by global outsourcing company Firstsource, found the overwhelming reason for consumers’ reticence to use their mobile devices for payments was security. Eighty percent of respondents who said they wouldn’t adopt mobile payments cited fear of their personal financial information being compromised as the reason. The remaining 20 percent said they didn’t trust the battery life of their phones.
Ian Regan, global head of sales and marketing at Firstsource Solutions, said: “Despite the potential benefits of swipe and pay using the smartphone, there still seems to be considerable skepticism amongst consumers about the value of mobile payment services, which is creating a barrier to widespread adoption.”