Mobile wallet adoption hampered by security fears
Fewer than a quarter (22%) of British mobile phone owners are likely to swipe their smartphone like a credit card to make payments, even if they had the relevant app, according to a new survey carried out by YouGov on behalf of outsourcing company Firstsource Solutions.
Fears that personal bank details will not be secure are the reason given by 80% of respondents. A further 20% say that the reason they won’t use a mobile wallet app is that they wouldn’t trust the battery on their smartphone to last.
The survey also shows that mobile banking is yet to take off, with only 36% of British smartphone owners saying they have downloaded a mobile banking app. However, the survey does show that 70% of those that have downloaded a mobile banking app rate it as good or excellent.
The survey also shows that 68% of British smartphone owners who have downloaded a mobile banking app do some form of mobile banking at least once a week. The most popular functions are the facility to check balances, transfer funds between accounts and transfer money to people.
Mobile banking is defined as using a smartphone – such as an iPhone, BlackBerry or Android – to check account balances, pay bills, transfer money, and make other simple financial transactions.
Iain Regan, Global Head of Sales & Marketing, Firstsource Solutions, said: “Despite the potential benefits of ‘swipe and pay’ using the 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. If the mobile wallet is to be a success then the mobile industry must do more to improve consumer confidence in payment security. “