Despite strong consumer enthusiasm for mobile payments, fewer than 50% of merchants have explored mobile solutions, concludes an annual survey by payments expert, CMSpi. The 2015 UK Payments Insights report highlights that the key concerns for merchants with regards to mobile payments are security, speed of processing and cost.
Consumers already are very favourable to the idea of mobile payments with 50% of smartphone users expecting to use them in 2015, according to an IGN banking report. Yet the sticking point is merchants: they know they are going to have to do it, but they don’t know how.
This is set to be a hot topic at MPayments Summit on 9 June 2015 in London, where our panel of experts will be drilling down into how to get merchant and consumer buy in, featuring speakers from Three, EE and ImpulsePay talking through the issues.
The Payments Insights report – conducted by CMSpi – surveys hundreds of businesses across all merchant sectors in the UK. This includes names such as Shell, Arcadia Group, Travelodge, Morrisons, Matalan and Spar.
Brendan Doyle, CEO of CMSpi, says: “Despite the hype brought about by emerging payment types such as Apple Pay and Zapp, we aren’t seeing this play out in increased merchant adoption. The report revealed wariness when it comes to new solutions – with merchants considering implementing P2PE and contactless only now despite their five-year availability. It’s our opinion that even a mobile payment solution that is secure, cost efficient and fast will take time to gain critical mass.”