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.
“It’s time to drive through the front window of financial services” – Tandem Bank, Azimo co-founders
An auspicious dinner threw Michael Kent and Ricky Knox together at business school more than a decade ago, laying the foundations of a business partnership that would see the pair create financial tech companies remittance firms Small World FS, Azimo and most recently challenger bank Tandem.
In a week when Sainsbury's finally revealed it will go contactless this year and when Eurovision said it will be cash-free and payment wearable full, it shouldn't come as a surprise that new data from Visa Europe confirms contactless payments' dominance in Europe.
The recent hypothesis that creating economic growth and investment opportunities in many parts of the world is, according to some governments, the responsibility of business – in particular small and medium sized companies (SMEs).
Opportunities to write about the Eurovision Song Contest are far and few between in the world of payments, but that ends today with news Gemalto and Visa are teaming up to hand out contactless payment wristbands at the show this year.