Mobile payment technology lacks awareness according to

Low awareness represents a massive opportunity

Research from the shopping website has found that over 60% of consumers would avoid using their mobile phone as a payment tool (view press release). 17% would be interested in the concept but have concerns over the technology functioning correctly. The biggest reason for avoiding mobile payments was fear of safety with 36% dubious of the technology’s security. When asked which companies they would most trust with mobile payments, consumers considered Visa the safest with 30% of the vote, PayPal came in second with 20% and MasterCard third with 18%. Apple and Google received 6% and 4% of the votes respectively. The survey also revealed a considerable lack of awareness of mobile payment brands with 55% of voters unable to name a single service. 20% had heard of the Google Wallet, 12% MasterCard PayPass and 10% Visa PayWave.

Duncan Jennings, co-founder of explained that “mobile payment systems are a hugely exciting prospect for the retail sector and the possibilities this technology brings in terms of marketing and customer acquisition are limitless. While the adoption of mobile payments is very much dependent on UK retailers investing in NFC enabled point of sales technology, providers of NFC enabled services need to start engaging with consumers to familiarise them with this payment model…. While low levels of awareness are clearly a challenge for service providers, they also represent a massive opportunity for brands to win the trust of consumers and cement their position in this increasingly competitive space.”

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