74% of people who don't have mobile payments say they are security risk
A new study has found that while four fifths of Britons have a contactless debit or credit card, only half use payment options such as Google and Apple Pay.
Three quarters of Britons who choose not to use Apple or Google Pay believe they’re a security risk, and others stated they don’t like that they can only spend a small amount at a time.
The research was conducted by www.moneysavingheroes.co.uk as part of an ongoing study into Britons attitudes towards financial security. 2,312 Britons over the age of 18, all of whom have their own bank account, were quizzed about how they protect their money.
Initially, all respondents were asked “Do you have a contactless debit or credit card?” to which 81% of respondents stated that ‘yes’ they do. Asked if they’d opted for this, 89% stated that it was automatically given to them. When asked “Do you have the capabilities to pay using Apple Pay or Google Pay?” over half of respondents (53%) stated that ‘yes’ they do. When asked why they downloaded these payment options, the top responses were ‘to speed up the payment process’ (42%) and ‘so I can purchase things when I don’t have my card to hand’ (37%).
Respondents who stated that they don’t have contactless cards or the capability to use Apple/Google Pay were asked why they chose not to have these features, with almost three quarters (74%) stating they feel they’re a security risk. When asked to elaborate on how they felt these were a security risk, provided with a list of possible responses and told to select all that applied, the top five were found to be:
- Anyone can make purchases using my card/phone/watch for up to £30 without needing my PIN – 72%
- Some thieves carry a payment machine that they use to steal money within close proximity to a wallet/purse – 36%
- Being seen to use contactless or Apple/Google Pay might encourage a mugging - 35%
- Worried hackers might get into my phone and take my card details – 28%
- It’s hard to keep track of what’s being spent and can lead to interest charges / getting into debt - 19%
A further 1 in 10 stated that they chose not to have these options as you’re limited to a small amount of spending, which is not ideal for their spending habits.
Finally, respondents who don’t have a contactless debit or credit card were asked if they actively turned down a contactless card or had sent one back specifically requesting one that wasn’t contactless, to which 15% stated they had.
George Charles, spokesperson from www.moneysavingheroes.co.uk, commented: “We’re making huge advancements in the financial world and it’s great now that Britons have the ability to make small purchases when out and about and they may have left their bank card at home. It’s not for everyone though; some people prefer to use physical cash or have a card that’s not contactless; if it makes them feel better about the safety of their money then so be it. There are many security measures taken to protect people and their money, but it’s not for everyone.”