Fifty-eight percent of UK smart phone owners are unlikely to “swipe” their handsets, i.e. use NFC, to make credit card payments, according to a recent survey from YouGov and Firstsource Solutions.
Of the 58% who indicated they would not use NFC payments, 67% said that they feared their banking information would not be secure over the NFC connection. A further 22% said they didn’t think the technology would work at all.
The survey found that younger smart phone owners are more open to using a mobile wallet, with 42% of 18-24 year olds responding that they would be likely make NFC payments. However, over half (52%) of 18-24 year olds are still unlikely to use NFC payments, with 70% of these respondents citing concerns over transaction security as the main reason.
Low value NFC transactions were favored in the survey, with almost half of smart phone owners (47%) indicating they would be willing to spend at least £5 via NFC, while 21% would spend at least £25 and 9% would spend at least £75.