Consumers embrace mobile payments. Are you? - Banking - News - Moneyfacts

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Consumers embrace mobile payments. Are you?

Consumers embrace mobile payments. Are you?

Category: Banking

Updated: 24/07/2015
First Published: 24/07/2015

MONEYFACTS ARCHIVE
This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.

Mobile payments have been taking the nation by storm recently, what with the launch of Paym last year (which allows you to send payments to someone using just a mobile phone number), and Apple Pay hitting our shores just last week. But, are you taking advantage of the new technologies? According to research from MasterCard, a growing number of people are.

The figures show that, despite some initial hesitation, the British public is becoming increasingly willing to embrace mobile payments, and they're often choosing to link this technology to their credit card.

A quarter (25%) of respondents said that they expect to make a contactless payment with their mobile phone in the next year, with a third saying that they wanted to link it to their credit card rather than their current account. A further third said that "added consumer protection" was the main reason for doing this, so it appears that some people are still concerned about the security of mobile payments.

This assumption is bolstered by the fact that seven in 10 of those surveyed are worried that if they lost their phone, someone could use it to buy things with their money, while over half fear that their phone could be hacked and their money stolen. A further four in 10 plan to wait for others to confirm that mobile contactless payments are safe before they take the plunge themselves, showing that the positive experience of others can be invaluable.

"Mobile payments are still in their infancy, so of course it's natural for consumers to be hesitant," said Huw Davies of MasterCard UK & Ireland. But is it really worth worrying about? These systems have been specifically developed with a high level of security in mind, so really, there shouldn't be any more risk than when making a regular payment.

For example, Apple Pay works using passwords and fingerprint technology, so if someone were to steal your phone, they wouldn't be able to use it for payment. Furthermore, both it and MasterCard use digital "tokens" for payment rather than storing specific card details on a device, offering another level of security.

So, is it time you got in on the action?

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

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