UK: Mass Adoption of Contactless Payments Lags Behind Industry Expectations
Less than one in 10 UK residents has actually made a purchase using their contactless card in the previous month, a recent survey indicates.
According to a study conducted by Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, the reality of the mass adoption of contactless payments is much further behind industry expectations.
Results show that, when asked about payment security, 34 percent of respondents have declared they see contactless cards as the least secure method of payment. The same source mentions that paying with a debit card on the internet was indicated as the second least secure (26 percent), while payments on a mobile phone (24 percent) have ranked third.
Research points out that 57 percent of respondents believe that cards are the most secure payment method, followed by paying in-store with a credit card (34 percent) and a debit card (32 percent). Moreover, 93 percent of respondents have withdrawn cash from an ATM in the previous month.
The study is based on a sample of 160 UK residents.