A survey conducted by Compass Plus, an international provider of electronic payments and retail banking software to processors and financial institutions, has revealed that industry expectations about the future of mobile payments are not aligned with consumer attitudes. Almost 60% of industry experts believe that one day traditional wallets will be replaced by mobile wallets, however, when asked how they will pay in 10 years’ time, just 6% of consumers believed their main payment method would be using a mobile.
Compass Plus has been undertaking research into consumer and industry expectations of the payments market since 2011 and this year’s results took in the views of more than 150 consumers and almost 100 payments and banking experts. The results saw the number of respondents who think the mobile device will be their main payment method in the future was approximately the same as previous surveys - down just 1% from the 2015 results (from 7%). However, 42% of consumer respondents’ stated that they did not want to be restricted to just one payment method, and would continue to use multiple channels over the next decade.
The survey also found the number of respondents that had been issued with contactless cards since 2014 had more than doubled, from 29% in 2014 to 62% in 2016, demonstrating the UK’s FIs’ commitment to contactless technology. However, despite having been issued with a contactless card, 12% of respondents did not use the feature – the majority of which were aged over 45.
Consumers’ perceived views of the security of each payment method were also addressed – with cash remaining the method thought of as the most secure (63%), whilst approximately a quarter of respondents believed mobile payments, online payment providers and contactless cards were the least secure.
Maria Nottingham, Managing Director at Compass Plus GB, said: “Despite consumers not believing the mobile will become their main payment method in the next decade, 67% of the respondents would rather leave their wallet at home than their phone, up from 56% in 2015. Regardless of whether or not the mobile will one day become the ‘go-to’ way to pay, what is clear is that for the foreseeable future consumers still want choice.”
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