Britons Yet To Embrace Mobile Wallet Technology

Mobile payment technologies are yet to win the hearts of British consumers, with less than one in ten people saying they have made a transaction using their mobile device.

This is according to research I came across the other day, which stated that even though the technology is readily available, consumers are not yet willing to integrate it into their everyday lives.

The study, carried out by technology specialist MPayMe and involving responses from 1,500 Britons, suggests that mobile wallets are yet to become commonplace in the country. The results build on previous research from mobile payment expert Zapp, which established that the technology was popular with just 17% of Britons. The majority of users (60%) have performed basic transactions such as bank transfers, but many are yet to make genuine purchases. This is because consumers are concerned about security, as well as being put off by complicated registration processes.

What also deters Britons from embracing mobile wallets is the need to install a number of applications, as well as not being able to use the wallet when in another country. Users want to see lifestyle and personal financial management options, along with other features, added to mobile wallets, MPayMe said.

Although the technology is yet to take off, Visa forecasts that over 50% of its transactions will be performed via a mobile device by 2020, taking into account the growing mobile payments activity in Europe in the last couple of months.