With so many payment innovations being churned out, it is important to keep track of what consumers think about them and more importantly how the innovations change their behaviour.
For example, the most popular apps within payments are budgeting, balance checking and loyalty/rewards schemes, according to research from Vocalink/One Poll. This reveals that people are becoming more conscious of their spending, but at the same time value recognition for their spending.
Moreover, over half of the 2,000 people surveyed said that they would be interested in using a payment or banking app of some kind.
In terms of actual innovations, only 17 per cent of people have paid using a mobile phone. Men appear to be more open to mobile payment technology with 21 per cent of male respondents saying they have made a mobile payment compared to the 12 per cent of women.
The infographic below breaks down the rest of the data.
In this guest post, Anthony Walton, CEO of Iliad Solutions, explores how businesses and regulators can increase the safety and efficiency of transactions, and introduce technological advances into the system.
Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.