British Consumers Concerned About Mobile Payments and Bad Spending Habits
According to a survey by uSwitch, an online price listing and comparison service company, some UK-based consumers are hesitant about the benefits of mobile payments technology.
Over 25 percent of the 1,248 adult participants feel that having access to instant smartphone payments may contribute to impulse purchases from retail stores.
“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. If they can use these tools to help keep track of their money, that’s an added bonus,” said Nicholas Frankcom, uSwitch.com money expert.
The respondents also provided insights on the important features of a mobile payments app. Almost half (57 percent) want the ability to check their account balance for careful upkeep.
A surprising 38 percent expressed the need to be able to place a limit or cap on daily spending. One in 10 participants went as far as favoring time (10 percent) and location (12 percent) restrictions.
When it comes to making purchases, six out of 10 consumers are uncomfortable with using a smartphone for transactions.
“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,” highlighted Frankcom.
Later this month, Apple is set to launch its payments services in the area. Despite the uncertainty some British residents have about payments on handheld devices, 26 percent of the survey participants are at ease knowing that a leading technology brand is behind the new feature.