PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

British Consumers Send Mixed Signals on Contactless Payments

Mercator Advisory Group by Mercator Advisory Group
April 25, 2013
in Analysts Coverage
0
Loyalty Program

Loyalty Program

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

British consumers are wary of contactless payments, with a quarter of respondents suggesting that the idea of contactless payments is “scary,” according to a survey from online market comparison website gocompare.com.

Only 6 percent of the 2,000 adults surveyed said they have made a contactless payment with their credit card. Some 3 percent stated they had used their phone to make a contactless payment. While the survey may dismay current contactless enthusiasts, consumers indicated they will be more open to new payment forms in the next 10 years.

Some two-fifths of respondents believe that by 2023, they would use contactless card payments as part of the mainstream payment environment. In addition, a quarter of consumers said they would use mobile payments predominantly; with 19 percent believe a biometric payment system would be in place within the next decade.

While eventual adoption of new payment technologies is expected, some 60 percent of respondents to suggested that cash would be the most used payment instrument in 2023.

“Are we ready to become a cashless society? Our research suggests that we’re not there yet. Most people think that there will always be a place for notes and coins and over half said that they will be very sad when we become a cashless society, ” says John Miles of gocompare.com.

The findings of this survey, however, conflict with recent developments in London. Last week, it was revealed the London transportation agency is considering prohibiting cash fares on all London buses as early this year. According to the agency, only 1.5% of all fares are paid with cash. It appears consumers in London are comfortable with contactless payments and other electronic payment forms.

Given the conflicts between London’s transportation agency and gocompare’s results, we believe the majority of gocompare.com’s respondents were either not from London or other metropolitan areas. Those consumers are for more likely to encounter contactless payments on a regular basis. Closing this urban-rural gap in payment adoption will be significant if contactless and mobile payments are to become influential players in the cashless society of the near future.

Click here to read more from Your Money.

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Mercator Advisory Group analysts and industry professionals.

    Must Reads

    item clearing

    As Check Volumes Decrease, Financial Institutions Need to Consider Alternative Clearing Options

    March 29, 2023
    payments friction

    Too Much Payments Friction Can Lead to Customer Chafing

    March 28, 2023
    online fraud

    Understanding the Cost of Online Fraud and How to Prevent It

    March 27, 2023
    live shopping, ebay

    Q&A: eBay Exec on Live Shopping and the Future of Payments

    March 24, 2023
    AI and Biometrics in Regulatory Compliance in Finance

    The Importance of AI and Biometrics in Regulatory Compliance in Finance

    March 23, 2023
    Everyone Benefits from the Real-Time Payment Networks  

    Everyone Benefits from the Real-Time Payment Networks  

    March 22, 2023
    commercial payments

    Optimizing Commercial Payments in the Digital Age

    March 21, 2023
    cross-border payments

    Cross-Border Payments: Fighting
    E-Commerce Fraud Using Data

    March 20, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download the Ekata eBook