Although 46% of British consumers would consider using their mobile phone as a method of payment, many consumers are unprepared to make the leap from traditional forms of payment. Less than 13% of consumers have owned a contactless enabled debit or credit card and only 5% have made a payment using one.
The research highlights an ongoing concern over the security risk of fraud and identity theft. Mobile phone payment technology faces the same issues.
"Consumers have long demanded improved convenience and speed during their shopping experience but this research reveals that they are still not sufficiently confident in using contactless technology to make the switch from traditional cash and cards,” comments Craig Doyle, managing director for UK and Northern Europe, Ingenico. “There can be no doubt that we remain on the cusp of a major payment revolution. However, providing shoppers with clearer information about contactless technology will be critical to improving their knowledge and ultimately increasing consumer adoption.
"There is a huge responsibility on the shoulders of the 'contactless industry' to work together to ensure that demand from consumers meets supply of technology. And the best way to achieve this equilibrium is to raise levels of awareness and understanding about the benefits of this technology and continue bringing convenience to the end consumer."
Many fast food restaurants, café chains and pharmacies are already accepting contactless payment cards. In the run up to the London 2012 Olympics, contactless payments are being introduced on London's 8000 buses to cope with the millions of passengers expected on London's transport systems. By the end of 2012, the underground, overground and trams are expected to adopt it.
