A quarter of UK consumers fear that using mobile payment services over cards and cash will see them spend more and make more impulse purchases, research from price comparison service uSwitch has revealed.
As a result, 57% of the 1,248 respondents would like the ability to check their balance on their mobile phones and 38% would like a cap on ‘tap and go’ mobile payments. One in 10 consumers would like limits on when and where they can use mobile payments, such as the time of day (10%) and in pubs and clubs (12%).
Almost six in 10 say they aren’t comfortable with using their mobile phones to pay for goods or services, but 26% say they would feel more comfortable using Apple Pay knowing that the California tech giant was behind the technology. Fears over the technology’s security are still topping the list of concerns among 45% of respondents.
“It’s great to see people being given more options on how to pay; this is a clear case of how technology can make people’s lives easier,” says Nicolas Frankcom from uSwitch. “If they can use these tools to help keep track of their money, that’s an added bonus.
“However, using your mobile to pay could be a double-edged sword. If paying with your phone is so simple that we don’t think about whether or not we can afford it, it could lead to debt problems. New technology should be welcomed, but it’s equally important that consumers use it to help them take control of their finances, not lose it.”