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Mobile payments ‘as unpopular as cheques’ says IDEX

IDEX Biometrics has published research findings indicating that mobile payments are almost as unpopular as cheques. It said that despite next generation payment methods, the payment card is still the number one payment choice when it comes to in-store purchases for UK consumers. Three quarters (75%) of respondents stated that they use cards, including contactless, most often, compared to cash (21%), mobile payments (3%), and cheques (1%).
IDEX said that there is little hope for mobile payments on the horizon, with 72% stating they are concerned about the possibility of no longer having access to a physical debit card and needing to rely on mobile payments only.
It fears that personal attachment to the payment card is virtually unbreakable, with nearly two-thirds (65%) of respondents stated that carrying their debit cards provides a sense of security. Some 75% say they always take a debit card with them when they leave the house. 65% of those questioned said that they wouldn’t give up their debit card in favour of mobile payments and a further 78% admit to feeling more secure using their debit card in comparison to mobile payments.
“It is evident that the UK public won’t be ditching payment cards in favour of mobile payments in the near, or even distant, future,” said Dave Orme, IDEX Biometrics SVP. “Banks must face this and innovate with cards, which have stayed largely the same for decades. With a resounding 53% of consumers stating they would trust the use of their fingerprint to authenticate payments more than the traditional PIN, this must be where the UK banking industry focuses its attention.”

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