Almost four in five UK consumers (77%) have concerns about using new payment methods, research released by law firm Paul Hastings reveals, with risk of fraud cited as the main reason by 59%, followed by data security incidents (49%) and risk of theft (45%). 27% of the 2,000 surveyed do not currently use new payment methods today, the research — conducted in association with the Centre for Economics & Business Research (CEBR) and YouGov — finds.
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Headlines: 1) “UK consumers show concerns over new payment methods” and 2) Contactless proving popular with UK over 50s” both appeared on this web site today. It would be difficult to reconcile these two reports, particularly that most of the concern is rooted in fear of fraud.
Fortunately, it is not necessary. Those who tolerate the risk of fraud in the use of credit card numbers will ultimately prefer the much lower risk of fraud in mobile payments. This is demonstrated in part by the third headline of the day, “