The survey, conducted by consulting-firm Market Platform Dynamics (MPD), found that 62% of the 4000 US individuals aged between 16 and 43 who took part deemed mobile payment technology as unnecessary. 38% said they did not use their mobiles enough to make it worthwhile.
Security was a key concern for the study’s respondents with more than 60% claiming they would not pay with contactless fobs because of security worries. By contrast, only 4% have security concerns with existing payment devices.
Cash was found to be the predominant payment method, but this declines significantly with age. The research also indicated that rewards and incentives to use particular payments can drive the acquisition of payment devices, but not decision to use them at the point of sale.
