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.
In another big deal for the global payments industry this week, credit card firm Visa has inked a partnership with digital payments processor PayPal.
The five fintech startups joining credit card company’s Capital One’s new fintech accelerator in Nottingham have been named, including Credit Kudos, Multisense, Pariti, Warwick Analytics and WealRo.
Europe continues to see rapid adoption of emerging payment technologies as consumers in digitally savvy countries like Sweden and the UK continue to drive adoption of methods like contactless across the region. In our latest infographic we take a look at what the latest numbers tell us about the evolution of payments in the region and what they tell us about the future of cash, cards and contactless.
According to new research commissioned by global payments provider TNS, more than a quarter (28%) of people aged 25 to 34 have already made a biometric payment, and are leading the way in the take up of this new technology.