Finance Monthly: Card Is King: Consumers Reject Mobile Payments
20 November 2018
Despite the hype, research by IDEX Biometrics has revealed that mobile payments are almost as unpopular as cheques. In fact, the payment card is still the number one payment method when it comes to in-store purchases for UK consumers. Three quarters (75%) of respondents stated that they use cards, including contactless, most often, compared to cash (21%), mobile payments (3%), and cheques (1%).
Unfortunately, there doesn’t seem to be a glimpse of hope for mobile payments on the horizon, with 72% stating they are concerned about the possibility of no longer having access to a physical debit card and needing to rely on mobile payments only.