M-wallet: British Customers Hardly Confident
- A study conducted by Intersperience with 1,000 British people outlines their scepticism about mobile wallets’ security. Mobile media are generally considered untrustworthy: 44% criticise the lack of security software and only 17% would want to use these features.
- One fourth on those interrogated feel insecure about using Smartphones in payment contexts: 24% believe there are more risks to be robbed of a mobile phone than a wallet.
- Only 8% now use their mobile device to make payments; 37% are highly reticent.
- Younger generations seem more confident however (33% in favour of mobile payments and 25% of under-18 approving the use of mobile wallets).
- Apprehensions on the part of the customers might impede the progression of mobile wallets despite several players’ investment: Google Wallet in the US and planned launch in the UK for 2012 (see September 2011 Insight), Isis initiative (see April and August 2011 Insights) and PayPal.
- The development of mobile contactless solutions in general could also be hindered.