Survey Reveals that Mobile Payments Are Hampered by Security Fears

Mobile payment 

There's forever a level of uncertainty around mobile payments and customer adoption rates and use, and it seems that a new survey by YouGov on behalf of Firstsource Solutions shows that consumers are still wary.

This new research, carried out between July 30th and August 1st, shows that fewer than a quarter – 22 per cent to be exact – of British mobile phone owners will use their phone to make payments. That statistic also includes those who have the relevant app already installed onto their phone too.

The biggest reason against its use is that personal bank details won't be secure, with 80 per cent of respondents agreeing. A further 20 per cent say the reason they don't use it is because they don't trust their smartphone's battery to last long enough for it to be a viable payments system.

It's also interesting to see that many Brits aren't making use of mobile banking, with only 36 per cent saying they've downloaded a mobile banking app. However, of that 36 per cent, 70 per cent rate their experience as good or excellent when using it.

Of those who use mobile banking apps, 68 per cent do some form of mobile banking at least once a week – with many checking balances or transferring funds to others.

"Despite the potential benefits of ‘swipe and pay' using the [sic] smartphone, there still seems to be considerable scepticism amongst consumers about the value of mobile payment services, which is creating a barrier to widespread adoption," said Iain Regan, Firstsource Solution's global head of sales and marketing. 

"If the mobile wallet is to be a success then the mobile industry must do more to improve consumer confidence in payment security."

Of course, we know that NFC payments and mobile payments are really quite secure, so it's largely down to the positioning and education of the public as to why many feel that they're unsafe to use.

How do you propose finding a solution to this issue?

Or do you believe that this isn't really an issue in the first place?

Let us know by leaving a comment below.

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