Consumers want stronger mobile payment security

UK consumers are happy to use extra levels of security on their smartphones for mobile payments

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%).

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."

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