Mobile Payments Providers Must Win Over Nearly 50% of U.K. Consumers (June 3, 2015)
Despite industry fervor behind mobile payments, 47 percent of U.K. consumers don’t want to use their phone to make payments, with 81 percent citing security concerns, according to a recent survey. Furthermore, almost 30 percent of the 2,000 adults surveyed don’t feel contactless payments are an improvement over existing technologies, according to the survey commissioned by Firstsource Solutions, a provider of customized business process management services.
The survey also found that men (45 percent) are more likely to use their smartphones for contactless payments than females (32 percent). Younger respondents, ages 18 to 24, said they were more likely (55 percent) to use their smartphones for contactless payments than older consumers, ages 55 and older (24 percent). However, nearly 40 percent of young people said smartphones’ short battery life makes it an unreliable payment method.