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Consumers to shun mobile payments?

Consumers to shun mobile payments?

Recent research from VoucherCodes.co.uk has revealed 60% of consumers would avoid making payments through their mobile. On top of this a further 17% showed an interest, but were concerned about the technology working. Safety was also an issue with 36% of those polled worrying about the security of the technology.

The survey - carried out by OnePoll questioned 2000 British adults between the 1st and 3rd March 2012 - showed people were nervous about letting the likes of Google and Apple handle their mobile payments. Instead, Visa was the brand that inspired the most consumer confidence with 30% of consumers thinking it would be the safest option. Paypal followed Visa with 20% and then Mastercard with 18%. Compare this to Apple and Google where 6% and 4% respectively thought each to be the brand of choice.

Improving consumer awareness

Along with manufacturer take-up, consumer awareness is clearly going to be a big factor in the success of mobile payment mechanisms. Current payment brands appear to have shown very little market penetration with well over half of respondents (55%) unable to name a single service. Whereas one in five (2%) had heard of Google Wallet and around one in ten had heard of MasterCard PayPass (12%) and Visa payWave (10%).

Duncan Jennings, co-founder of VoucherCodes.co.uk, believes the lack of NFC or other mobile payment knowledge already instilled into consumers might be advantageous to any company looking to break into the market: “while low levels of awareness are clearly a challenge for service providers, they also represents a massive opportunity for brands to win the trust of consumers and cement their position in this increasingly competitive space,” he concluded.

VoucherCodes.co.uk has provided a very detailed infographic on mobile payments, which you can view below.

NFC infographic

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Simon Holland

Simon Holland

Simon is the news and research reporter at Existem. Previously a technology journalist, he now spends his time investigating both future and developing trends in performance marketing whilst producing editorial content for performancein.com

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