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January 7, 2013updated 04 Apr 2017 4:12pm

Mobile wallets not to pick up in 2013

Mobile wallets are not likely to take off significantly in 2013, according to a research by ICM.

By Verdict Staff

Mobile wallets are not likely to take off significantly in 2013, according to a research by ICM.

This survey of 2015 British citizens stated that, despite an increased enthusiasm for this technology, consumers are not ready to fully embrace it. The main obstacles are identified in security concerns, long-term contracts already in use and difficult to abandon and mobile phones that do not support NFC.

The research shows that eight out of ten consumers are aware of contactless technology but only eight out of a hundred actually use it. However, the same survey shows that a third of interviewed would definitely or probably use their mobile as a wallet to make payments, collect vouchers, to use as event tickets and on public transport.

Security concerns would be eased for almost six out of ten of users if banks or mobile providers guaranteed over any financial losses.

Other successful means of tackling security are identified in the use of a PIN on every transaction 43%, setting a daily cap on spending 34%, facial recognition 33%, and voice recognition 24%.

ICM Research associate director Jamie Belnikoff said: "The market needs to combine incentives with added security measures and communicate them widely if it is to build consumer confidence that will help drive the adoption of mobile wallet".

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