Consumers Deterred From Mobile Payments By Platform And Security Issues
News: A significant number of consumers in the UK are deterred from using mobile banking and payment services due to platform diversity and security concerns, according to a new survey cited by Banking Technology. The new survey , carried out for mobile payments specialist Zapp , claimed that only one in five consumers in the UK use mobile devices for payments, while 60% of those that had had only done so for bank transfers between their own accounts. Half the 2,000 respondents said that they were deterred by security concerns, while others pointed to complicated registration procedures (10%).
BMI View: The UK banking sector continues to deleverage, but at a fairly modest pace. The recent turnaround in economic activity is a positive development which will underpin stability for the industry. In addition, we expect monetary policy to remain accommodative, which although not reviving the fortunes of weak domestic banks, will nonetheless provide a further crutch that will safeguard systemic stability.