UK consumers are happy to use extra levels of security on their smartphones for mobile payments according to research conducted by ICM.
However few people have actually used the NFC contact-less payment technology to pay for goods.
In the online survey of over 2000 UK consumers 56% of consumers would like to see banks and mobile providers guaranteeing any financial losses.
The survey showed that 43% of consumers were happy entering a PIN on every transaction, while 37% would be prepared to use a PIN after a certain number of transactions (37%). Surprisingly, 40% accepted the ability of a service provider to shutdown their smartphone remotely (40%).
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A smaller proportion were happy to use facial recognition (33%) and voice recognition (24%) on mobile handset to improve security.
More than half of consumers (51%) would use a mobile wallet if their worries about security were addressed. ICM also found that: 51% would use a mobile wallet if they got a discount for doing so.
Lack of contact-less payment readers in shops and minimal in-store promotion contributed to poor usage rates of NFC in stores.
Jamie Belnikoff, associate director at ICM Research, said: "Their genuine security concerns – and as we’ve seen in our recent research into contactless payments, – the lack of terminals in shops and absence of in-store promotion are also preventing broader consumer take-up."
