New research has said that people’s relationships with mobile technology, its apps, gadgets and payment services, is more nuanced than expected. Rather than just being part of some homogenous ‘tech-savvy’, ‘early-adopter’ group, people who use mobile phones can still be split into different groups including, surprisingly, ‘traditionalists’.
The research, conducted by price comparison website, uSwitch, found that many people like the good old days of when smartphones were just smartphones: 42% of people said that things like GPS, WhatsApp (36%) and integrated alarm clocks (35%) are much more useful, “miles-ahead” of new biometric features like the Iris scanners.
Even younger people seem to be rather apathetic about biometric innovations, with 47% of 18-34-year-olds saying that messaging apps by far outstrip the usefulness of things such as fingerprint ID.
Even mobile payments, only ever made popular by the inherent convenience of biometric authentication, didn’t resonate. According to the research, seven out of ten (71%) of respondents have either never made an in-store mobile payment or have done in the past but, crucially, don’t anymore.
The research probed further to find that three out of ten (31%) cite their security and data breach concerns as reasons for not doing so. A fifth actually believe they have been a victim of cyber crime. Only two percent admitted that they try to use mobile payments wherever they can.
When asked to list in order of usefulness smartphone features, mobile payments (6%) came below the aforementioned GPS and messaging services, but also below water and dust-proofing (11%), and a front-facing ‘selfie’ camera (8%). In terms of age-group breakdown the figures aren’t much better. The 6% of all respondents only increased by two percent points in the 18-34 age group. drops back down to 6% in the 35-54 age group and then drops down even further to 4% in the 55+ category.
However, there is some good news for mobile payments. Britons are more than twice as likely to use use mobile payment technology (21%) over other recent tech innovations, including VR (10%), and three times more likely to pay using contactless than use digital assistants like Google Home or Amazon Echo (7%).
“Meanwhile, messenger apps and GPS-powered services have quickly become everyday staples. While mobile payments haven’t quite taken off just yet, they head up the wishlist for the future – implying that smartphone users are drawn more to features that offer functionality,” said Ernest Doku, telecoms expert at uSwitch.
Furthermore, recent research from Allied Market Research predicts he global mobile payments industry is set to be worth $3.39 trillion by 2022, with a projected growth of 33.4% from 2016 to 2022.
Eastern Europe is still very much a region finding its identity following the breakdown of the Soviet Union over 20 years ago. Countries in the region are at various stages of economic growth and payments infrastructure development, and the e-commerce landscape looks different as you cross borders.
The failure to keep pace with expanding compliance procedures has seen a rise in the number of financial penalties issued by regulators over the past few years. As anti-money laundering (AML), know-your-customer (KYC), counter-terrorism financing and other compliance obligations expand across different territories, organisations large and small have struggled to maintain adequate and comprehensive safeguards – often resulting in sizable fines and significant reputational damage.
A new report published by Earnix shows findings stating that most millennials will use a single portal to aggregate services from multiple banks with which they have existing customer relationships in the future. The report, The Role of Analytics in the New Banking Age 2017, also states that most banks believe predictive analytics and machine learning will become the most powerful way to win back customers over the next five years.
CMA accepts Mastercard’s proposal to address competition concerns following the acquisition of VocaLink
The deal, which was first announced in July 2016, should now be concluded quickly.