A survey conducted by Compass Plus, an international provider of retail banking and electronic payments software to processors and financial institutions, has revealed that despite 84% of consumers regularly making contactless payments, they are still not considered to be secure.
While the number of people using contactless has risen from 54% to 84% since Compass Plus’ last consumer survey in 2016, almost half (48%) of respondents still consider it the least secure way to pay.
This figure has doubled since 2016, with contactless payments now considered the least secure way to pay across every age group. Credit cards were thought to be the most secure payment method for the majority of those surveyed (particularly by those aged over 30) and cash came a close second, with 30% and 28% respectively.
The survey also revealed that 58% of over 60s are now using contactless cards as a way to pay for their goods, compared to just 31% in 2016. While the increase is significant, only 11% of over 60s answered that they expect to be using contactless as their primary payment method in 10 years’ time, which could be a result of nearly one-third of the demographic not currently owning a contactless card.
“Despite consumers thinking that contactless payments are the least secure way to pay, our survey has demonstrated that consumers’ need for convenience is winning the battle over security, with 84% of respondents now making contactless payments,” said Maria Nottingham, Executive Vice President at Compass Plus. “This level of adoption is impressive, however, 12% of respondents still do not own a contactless-enabled payment card, which, 11 years after banks started rolling them out, is a surprisingly high figure.”
Compass Plus has been undertaking research into consumer and industry expectations of the payments market since 2011, and this year’s survey took in the views of 200 consumers across the UK, who were asked to describe their current payment habits and how they think these may change in the future.
About Compass Plus:
Compass Plus provides comprehensive, fully integrated and flexible payments software and services that help financial institutions and payment service providers meet rapidly changing market demands. Our diverse customer base spans retail banks, processing centres, national switches and personalization centres in countries across Europe, Asia, Africa, the Middle East, North and South America. With more than 25 years’ experience, Compass Plus helps build and manage all-scale electronic payment systems that generate new revenues and improve profits for its customers.