Survey Finds Britons Dubious About Futuristic Payment Technologies

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12th October 2012 13:34 - Financial Services


Market research on behalf of the Payments Council, an organisation which is responsible for ensuring that payment services are as efficient as possible in the UK, has discovered what Britons think making purchases will look like in the future.

The survey, which questioned more than 4,000 UK adults nationwide, found that 42% of the respondents believe they will not need a purse or wallet to pay for items or services by 2025 as they will be able to use alternative new technologies instead.

A little over half of the surveyants also reported believing that they will be able to use their fingerprints to carry out payment transactions by 2025, while approximately one third think they will have the ability to buy what they want using iris scans or at least voice command by that time.

Despite expecting these forms of streamlined payment are on their way, the study also found that 62% of Britons are concerned that these types of new technology "will not be secure".

Responding to the results of the survey, an expert in technology and payments law, Angus McFadyen, commented: “The success of new payment methods under development and potentially available in the future will ultimately be determined by the level of trust consumers have in them.” 

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