Consumer Payment Preferences - UK - December 2013:Industry Analysis Report

Consumer Payment Preferences - UK - December 2013
The introduction of mobile payments on the high street was supposed to lead to a rise in demand for
facilitating mobile wallet services. However, there is reason to believe that the order of events may have
simply been reversed – it is mobile payments that are the natural progression from mobile wallet
services.

table Of Content

introduction

abbreviations

executive Summary

key Payment Methods Currently In Use
plastic Card Use Rivals That Of Cash
figure 1: Key Payment Methods Used By Consumers, September 2013
overall Use Of Contactless Cards Is Improving…
figure 2: Contactless Card Ownership, September 2013
but Many Continue To Have Their Doubts About The Technology
payment Security Concerns
consumers Particularly Wary Of Mobile Payments And Contactless Cards
figure 3: Concern About Security, By Payment Method, September 2013
just Over A Quarter Have Experienced Payment Fraud During The Past Five Years
figure 4: Consumer Experience With Payment Fraud During The Last Five Years, September 2013
interest In New Payment Technology
interest In Mobile Payments Down From Last Survey
figure 5: Interest In Mobile Payments, September 2013
85% Show Interest In At Least One Mobile Wallet Feature
figure 6: Interest In Mobile Wallet Services, September 2013
attitudes Towards Payments
figure 7: Any Agreement With Select Statements About Payments, September 2013
what We Think


issues And Insights

why Aren’t People Embracing Mobile Payments?
the Facts
the Implications
it’s Not Mobile Payments That Will Drive Adoption Of Digital Wallets
the Facts
the Implications
could Payment Processing Firms Be Marginalised?
the Facts
the Implications

trend Application

dispelling The Myths About Security Flaws
coping With Disruptive Forces In Payments
a Sign Of Things To Come From Japan

recent Developments In Payments

key Points
contactless Cards
number Of Cards In Issue Rises To More Than 36 Million
growth In The Number Of Retailers Accepting Contactless Payments
mobile Payment And Wallet Services
peer-to-peer Mobile Payments
paypal
pingit
payments Council
nfc-enabled Mobile Payments
ee Cash On Tap
weve
visa Mobile Wallet
other Developments
google
apple
mastercard
paypal

square
twitter And Amex
clinkle

use Of Payment Methods

key Points
cash Still Plays A Big Role In Payments But Is Just One Of Many Options
figure 8: Use Of Payment Methods, September 2013
range Of Payments Used Continues To Evolve
figure 9: Repertoire Of Payment Methods Used, September 2013
for The Moment Nothing Rivals The Versatility Of Plastic Cards
the Decline Of The Cheque As A Predictor Of The Long-term Future Of Cash?
under-35s Driving The Evolution Of Payments
figure 10: Any Use Of Select Payment Methods, By Age, September 2013
affinity For Paypal Shows That Resistance To Change Can Be Overcome
two In Five Would Like To Use A Service Like Paypal On The High Street…
figure 11: Level Of Agreement With The Statement “i’d Like To Be Able To Use Services
Like Paypal On The High Street”, September 2013
but The Paypal Instore App Has Some Kinks To Work Through

preferred Payment Method By Type Of Transaction

key Points
cash For Coffee But Mostly Plastic Cards For Everything Else
figure 12: Use Of Payment Methods By Type Of Transaction, September 2013
debit Is The Plastic Card Of Choice
the Higher The Purchase Cost The More Likely A Credit Card Will Be Used
so Far Contactless Cards No Threat To Cash For Low Value Purchases

trust In The Security Of Payment Methods

key Points
seven In 10 Agree That More Technology Increases The Risk Of Fraud
figure 13: Level Of Agreement With The Statement “the More Technology That’s Involved In
Payments, The Greater The Risk Of Fraud”, September 2013
young Adults Less Attached To The Notion That New Technology Is Unsafe

unease About Mobile Payments And Contactless Cards Abounds
figure 14: Concern About Security By Payment Methods, September 2013
owning A Smartphone Doesn’t Do Much To Ease Mobile Payment Fears
figure 15: Concern About Security If Using A Mobile Phone As Payment Device Or Contactless Payment
Cards, By Select Demographics, September 2013
people Are Least Worried About Services Like Paypal
payment Detail Anonymity Makes People Feel More Secure

experience Of Payment Fraud

key Points
less Than Three In 10 Have Been A Victim Of Payment Fraud In Recent Years
figure 16: Consumer Experience With Payment Fraud During The Last Five Years, September 2013
consumers Are Well Protected Against The Most Common Forms Of Fraud
cash-related Fraud Leaves Consumers More Exposed To Loss
past Experience Of Fraud Heightens Fears About Using New Payment Tech
figure 17: Concern About Security By Select Payment Methods, By Consumer Experience With Payment
Fraud During The Last Five Years, September 2013

contactless Card Ownership And Use

key Points
a Third Of Adults Own A Contactless Payment Card
figure 18: Contactless Card Ownership And Use, September 2013
consumers Now Have More Places To Actually Use The Cards
people Finally Starting To See The Point Of The Technology
men, Under-35s And The Affluent Pushing Contactless Forward
figure 19: Contactless Card Ownership And Use, By Demographic Profile, September 2013
three In 10 Londoners Have Made A Payment With A Contactless Card
two In Five Adults Don’t Want Anything To Do With Contactless Technology
many Likely Oblivious To The Fact They Have A Contactless Card
contactless Cards May Never Truly Enter The Mainstream

attitudes Towards Contactless Cards

key Points
contactless Payments Being Held Back By Chip & Pin Technology…

figure 20: Reasons For Not Using Contactless Cards, September 2013
and Security Concerns
unfavourable News Stories And Blog Posts Raise Fears
most Still Believe Contactless Cards Should Only Be Issued By Choice
figure 21: Level Of Agreement With The Statement “banks Should Only Issue Contactless Cards
When Customers Specifically Ask For Them”, September 2013
some Risk Of Alienating Customers, But This Can Be Overcome
concerns About Contactless Payments Don’t Really Match Up With Reality
accepting Contactless Cards Can Help Attract And Retain Customers
figure 22: Level Of Agreement With The Statement “i’m More Likely To Use
Shops/restaurants Which Accept Contactless Payments”, September 2013

interest In Mobile Payments

key Points
nearly Two In Five Interested In Mobile Payments
figure 23: Interest In Mobile Payments, September 2013
interest Fading As Initial Launch Of Mobile Payments Fails To Impress
figure 24: Interest In Mobile Payments, 2010-13
despite A Flawed Introduction, Mobile Payments Have A Bright Future
more Than Half Of Under-35s Interested In Mobile Payments
figure 25: Interest In Mobile Payments, By Select Demographics, September 2013
positive Feedback On Security By Early Users Vital For Wider Adoption
figure 26: Concern About Security By Payment Methods, By Interest In Mobile Payments, September 2013

interest In Mobile Wallet Services

key Points
healthy Levels Of Interest In Mobile Wallet Services
figure 27: Interest In Mobile Wallet Services, September 2013
with Instant Alerts, The Role Of Mobiles In Finance Becomes More Tangible
most Interest Focused On The Non-payment Aspect Of Mobile Wallets
seven In 10 Smartphone Users Open To Receiving Personalised Offers
figure 28: Interest In Mobile Wallet Services, By Smartphone Users, September 2013
55% Show Interest In Seven Or More Mobile Wallet Services
figure 29: Repertoire Of Interest In Mobile Wallet Services, September 2013
figure 30: Repertoire Of Interest In Mobile Wallet Services, By Select Demographics, September 2013
a Positive Link Between Interest In Wallet Services And Mobile Payments
figure 31: Interest In Making Mobile Payments, By Repertoire Of Consumer Interest In Mobile Wallet

Services, September 2013

attitudes Towards Payments

key Points
resistance To Change Is Strong…
figure 32: Any Agreement With Select Statements About Payments, September 2013
figure 33: Level Of Agreement With The Statement “i Don’t See Any Need To Change The
Way We Pay For Things Since It Works Fine As It Is”, September 2013
yet Many Think More Should Be Done To Improve Efficiency
figure 34: Level Of Agreement With The Statement “i Think That Payment Companies Should Be
Doing More To Make Payments More Convenient And Efficient”, September 2013
29% Of Under-35s Say They’re Ready To Give Up Cash
figure 35: Level Of Agreement With The Statement “i’d Prefer To Be Able To Stop Using
Cash Altogether”, September 2013
less Affluent More Attached To Cash
mixed Feelings About The Long-term Future Of Cash
data Privacy Is An Issue For 55% Consumers
figure 36: Level Of Agreement With The Statement “i Am Uncomfortable With The Amount Of Data
That Is Collected About My Spending Habits”, September 2013
established Firms Have The Edge In Payments But This Is Eroding
figure 37: Level Of Agreement With The Statement “i Wouldn’t Trust Anyone Other Than
Banks Or Established Credit Card Companies When It Comes To Making Payments”, September 2013
payment Processing Firms Under Threat

appendix – Use Of Payment Methods

figure 38: Use Of Payment Methods – Any Plastic Card, By Demographics, September 2013
figure 39: Use Of Payment Methods – Any Chip & Pin, By Demographics, September 2013
figure 40: Use Of Payment Methods – Any Online Plastic Card, By Demographics, September 2013
figure 41: Use Of Payment Methods – Cash, By Demographics, September 2013
figure 42: Use Of Payment Methods – Debit Card, By Demographics, September 2013
figure 43: Use Of Payment Methods – Direct Debit/standing Order, By Demographics, September
2013
figure 44: Use Of Payment Methods – Debit Card (online), By Demographics, September 2013
figure 45: Use Of Payment Methods – Paypal, By Demographics, September 2013
figure 46: Use Of Payment Methods – Credit Card, By Demographics, September 2013
figure 47: Use Of Payment Methods – Bank Transfer, By Demographics, September 2013
figure 48: Use Of Payment Methods – Cheque, By Demographics, September 2013

figure 49: Use Of Payment Methods – Credit Card (online), By Demographics, September 2013
figure 50: Use Of Payment Methods – Barclays Pingit, By Demographics, September 2013
figure 51: Use Of Payment Methods – Barclaycard Paytag, By Demographics, September 2013
figure 52: Use Of Payment Methods – Bitcoin, By Demographics, September 2013
figure 53: Agreement With The Statement ‘i’d Like To Be Able To Use Services Like Paypal
On The High Street’, By Demographics, September 2013
repertoire
figure 54: Repertoire Of Use Of Payment Methods, By Demographics, September 2013

appendix – Preferred Payment Method By Type Of Transaction

figure 55: Use Of Payment Methods By Type Of Transaction – Cup Of Coffee, By Demographics,
September 2013
figure 56: Use Of Payment Methods By Type Of Transaction – Your Weekly Grocery Shop, By
Demographics, September 2013
figure 57: Use Of Payment Methods By Type Of Transaction – A Meal Out, By Demographics,
September 2013
figure 58: Use Of Payment Methods By Type Of Transaction – Buying A Dvd/book/cd, By
Demographics, September°2013
figure 59: Use Of Payment Methods By Type Of Transaction – A Holiday, By Demographics,
September 2013
figure 60: Use Of Payment Methods By Type Of Transaction – A New Washing Machine, By
Demographics, September°2013
figure 61: Use Of Payment Methods By Type Of Transaction – New Clothes, By Demographics,
September 2013

appendix – Trust In The Security Of Payment Methods

figure 62: Agreement With The Statement ‘the More Technology That’s Involved In Payments,
The Greater The Risk Of Fraud’, By Demographics, September 2013
figure 63: Concern About Security By Payment Methods – Using My Mobile Phone As A Payment
Device, By Demographics, September 2013
figure 64: Concern About Security By Payment Methods – Using Contactless Payment Cards As A
Payment Device, By Demographics, September 2013
figure 65: Concern About Security By Payment Methods – Using Debit Cards As A Payment Device,
By Demographics, September 2013
figure 66: Concern About Security By Payment Methods – Using Credit Cards As A Payment Device,
By Demographics, September 2013
figure 67: Concern About Security By Payment Methods – Using Non-bank Payment Services, By


appendix – Experience Of Payment Fraud

figure 68: Consumer Experience With Payment Fraud During The Last Five Years, By Demographics,
September 2013
repertoire
figure 69: Repertoire Of Consumer Experience With Payment Fraud During The Last Five Years, By

appendix – Contactless Card Ownership And Use

figure 70: Contactless Card Ownership, By Demographics, September 2013

appendix – Attitudes Towards Contactless Cards

figure 71: Reasons For Not Using Contactless Cards, By Demographics, September 2013
figure 72: Agreement With The Statement ‘banks Should Only Issue Contactless Cards When
Customers Specifically Ask For Them’, By Demographics, September 2013
figure 73: Agreement With The Statement ‘i’m More Likely To Use Shops/restaurants Who
Accept Contactless Payments^’, By Demographics, September 2013

appendix – Interest In Mobile Payments

figure 74: Interest In Mobile Payments, By Demographics, September 2013

appendix – Interest In Mobile Wallet Services

figure 75: Interest In Mobile Wallet Services – Ability To Check Your Card/bank Balance On Your
Mobile Phone Before You Buy Something, By Demographics, September 2013
figure 76: Interest In Mobile Wallet Services – Instant Notification If A Purchase Would Take You
Over Your Overdraft Limit, By Demographics, September 2013
figure 77: Interest In Mobile Wallet Services – Ability To Transfer Small Amounts To Your Friends

Via Your Mobile, By Demographics, September 2013
figure 78: Interest In Mobile Wallet Services – Ability To Store Discount Vouchers On Your Phone
And Apply Them At The Checkout, By Demographics, September 2013
figure 79: Interest In Mobile Wallet Services – Ability To Store Other Types Of Cards In The Same
Mobile Wallet, By Demographics, September 2013
figure 80: Interest In Mobile Wallet Services – Ability To Store Multiple Credit And Debit Cards In
One Mobile Wallet, By Demographics, September 2013
figure 81: Interest In Mobile Wallet Services – Ability To Store Medical/personal Records In Case Of
Emergency, By Demographics, September 2013
figure 82: Interest In Mobile Wallet Services – Ability To Store Electronic Receipts/warranty
Documents Etc For Purchases That You Have Made, By Demographics, September 2013
figure 83: Interest In Mobile Wallet Services – Personalised Offers Based On Your Shopping Habits
And Location, By Demographics, September 2013
repertoire
figure 84: Repertoire Of Interest In Mobile Wallet Services, By Demographics, September 2013

appendix – Attitudes Towards Payment

figure 85: Agreement With The Statement ‘i Don’t See Any Need To Change The Way We
Pay For Things Since It Works Fine As It Is’, By Demographics, September 2013
figure 86: Agreement With The Statement ‘i Think That Payment Companies Should Be Doing More
To Make Payments More Convenient And Efficient’, By Demographics, September 2013
figure 87: Agreement With The Statement ‘i Wouldn’t Trust Anyone Other Than Banks Or
Established Credit Card Companies When It Comes To Making Payments’, By Demographics,
September 2013
figure 88: Agreement With The Statement ‘i Am Uncomfortable With The Amount Of Data That Is
Collected About My Spending Habits’, By Demographics, September 2013
figure 89: Agreement With The Statement ‘i’d Prefer To Be Able To Stop Using Cash
Altogether’, By Demographics, September 2013

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Consumer Payment Preferences - UK - December 2013:Industry Analysis Report

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Consumer Payment Preferences - UK - December 2013:Industry Analysis Report