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Only 13% of consumers would be happy to store their credit card details on their smartphone, according to a new survey from The Logic Group.
The report again highlights the consumer mistrust of mobile technology, as only 30% of consumers trust major retailers to keep their personal information safe.
This is potentially a huge problem for online retailers as offering to store card details is seen as a way of improving the mobile checkout process and encouraging repeat purchases.
Furthermore, only a third of consumers said that they would be happy for their mobile to house their loyalty cards.
The research is based on an online survey of 1,010 interviews with British consumers.
These findings are supported by a separate survey by eDigitalResearch which found that security concerns (52%), fraud (40%), and technical issues (35%) were seen as the main problems with contactless mobile payments.
Similarly a new report by VocaLink has found that among people who don’t use mobile payments, security fears and lack of trust in mobile technologies were cited as the main barriers to adoption.
For example, 40% said they didn’t want to store their card details in their phone, 35% said phones can be lost too easily and 32% said it’s simply not secure.
However it’s not all bad news, as the VocaLink survey also shows that 31% of smartphone users are already using some form of mobile payment.
However the market is very fragmented and each mobile payment activity attracts only a tiny proportion of the overall population. Paying friends and family is the most popular activity (6%), followed by paying for parking (5%).
Looking at the type of payment methods being used, PayPal Mobile dominates the market (64%) followed by mobile banking apps (40%).
When paying for items through your mobile phone or tablet, what applications/functions do you use to do this?
The ability to target consumers with offers based on their location has the potential to be an extremely powerful marketing tool, however the Logic Group survey suggests that this is another technology that still needs to win over consumers.
Only a quarter (26%) of respondents said they would be happy for their mobile’s location to be used to provide relevant loyalty offers.
Even among those who said they trust retailer to keep their data safe, only 46% were keen to be sent location-based offers.