US consumers shun mobile payments

US consumers shun mobile payments

More than half of younger consumers feel that the ability to make payments using their mobile phone is unnecessary, according to a US study by consulting firm Market Platform Dynamics.

The payment and technology panel study of 4000 US individuals between the ages of 16 and 43 found an apparent lack of enthusiasm for mobile payment technologies.

Around 62% of respondents felt that using a mobile hand set as a payment device was unnecessary, while 38% said they did not use their phones enough to make it worthwhile.

Concern over security was found to be a big barrier to the adoption of contactless payment technologies. More than 60% of respondents said they would not make payments with contactless key fobs because of security concerns. By contrast only four per cent of respondents had security concerns with more established payment devices.

The research also found that rewards and incentives to use particular payments methods may drive the acquisition of payment devices, but not the decision to use them at the point of sale.

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