US consumers remain wary of using mobile payment services from the likes of Google, Visa and Square due to concerns over what personal information their phones could tell retailers. According to a Nokia-funded survey carried out by the University of California, 74% of US internet users have no plans to start using their mobile device to make payments, with privacy continuing to be the main barrier to adoption. Some 96% of respondents claim that they are against any system that could use their mobile device to track them in-store, with 81% objecting to sharing personal information, such as their phone number or home address, with a retailer via a mobile payment. The report is just the latest indication that mobile payments may take longer than expected to enter the mainstream despite firms ranging from banks to mobile operators to credit card providers making a big push into the space.
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Get a glimpse into BT’s new banking and insurance showcase at Adastral Park.