Payments specialist CMSpi has revealed in a survey that consumer enthusiasm for mobile payments has yet to be matched at the merchant level in the UK.
In its annual ‘Payments Insights’ report, the company revealed that less than 50% of merchants in the UK have explored mobile payment solutions.
Merchants cited security, speed of processing and cost as the main reasons for not exploring options in this sector, while the most likely payments solutions to be deployed are contactless and Point-to-Point Encryption (P2PE).
Brendan Doyle, CEO of CMSpi, said: “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.”
Despite a lack of commitment to this sector, the report did reveal that more than 60% of merchants surveyed are using an integrated point-of-sale terminal.
“Integrated terminals mean that staff do not have to key in the transaction value when overseeing the transaction, resulting in fewer errors and a faster process,” Doyle said.
source : www.igamingbusiness.com