A new survey by CMS Payments Intelligence (CMSpi) has highlighted that fewer than 50% of merchants are exploring mobile solutions, indicating that consumer enthusiasm for mobile payments hasn’t yet been matched at the merchant level. This is primarily due to concerns regarding security, speed of processing and cost.
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.”
CMSpi’s 2015 UK Payments Insights report also looks at latest trends regarding point-of-sale (POS) terminals, cash in transit, regulation and service levels. Hundreds of businesses across all merchant sectors in the UK were surveyed for the report, including names such as Shell, Arcadia Group, Travelodge, Morrisons, Matalan and Spar.