UK consumers not ready to give up their bank cards – study
As the UK fast progresses towards a cashless society, UK consumers are still not ready to give up their bank cards, according to research by IDEX Biometrics.
The research has revealed three quarters (75%) of UK consumers are concerned about the UK becoming a cardless society, where they no longer have access to a physical debit card and could only rely on mobile payments. For more than a third (37%) of consumers, as long as they have a debit card, the thought of a cashless society doesn’t bother them. Maybe not surprisingly, this is even more pronounced among young consumers, with 53% of 25-34-year-olds unworried about our growing cashless society, providing they still have a bank card.
Only 20% of all UK consumers believe we should already be a cashless society, but particularly so for the older generations, with only 9% of over 55s agreeing we should already be cashless, according to the official press release.
In fact, despite the increasing popularity of smartphone payment apps, six-in-ten (60%) respondents would not give up their debit card in favour of mobile payments. This caution is likely stemming from security concerns, with a further 68% stating they still feel more secure using their debit card than a mobile payment and half (50%) of consumers concerned that contactless payments are insecure.
However, four-in-ten (41%) would trust the use of their fingerprint to authenticate payments from their bank card more than a PIN. This figure remains consistent across all age groups, highlighting consumers’ confidence in payment cards secured by biometric authentication.
Misuse of mobile payments is another major concern for consumers. 58% worry that if they lost their mobile phone, people would be able to access their bank accounts. In contrast, even if stolen or lost, a biometric bank card can’t be misused without the owner’s fingerprint.
For the study, 1,000 interviews were conducted in the UK by Arlington Research using an online methodology amongst a nationally representative sample of consumers, who have either a UK current account, and/or a credit card.