- A quarter of those we spoke to said they would spend more or make more impulse purchases if they used their phone to pay instead of cash or card
- 57% said the ability to check their balance would help limit their spend, while 38% said a limit on ‘tap and go’ payments would help curb their spending
- More than half of those we spoke to are worried about the technology. The top concern was security (45%)
- Almost six in ten consumers told us they aren’t comfortable using their phone to pay
With Apple Pay launching in the UK next month, our research has found the new technology could help drive spending habits spiralling out of control.
Apple Pay has been welcomed by those looking for simpler, easier and faster ways of paying, but a quarter of those we spoke to fear that using their phone means they will spend more overall and make more impulse purchases.
Calling for limits
While the idea of paying with your mobile phone seems to be welcome, those we spoke to were after extra features to help control their spending.
Top of the list was the ability to check balance, which 57% would welcome, and a cap on ‘tap and go’ payments.
Meanwhile one in ten said they would appreciate a limit on when and where they can use their mobile for payment, with 10% after a restriction based on the time of day and 12% noting a limit on spending in pubs and clubs would be a good idea.
Faith in the brand
A quarter of people surveyed said they’d feel more comfortable using mobile phones for their payments with the Apple behind the technology – hardly surprising considering the size and brand power behind the Californian giant.
But, despite that it’s unlikely that Apply Pay will be the final nail in the coffin for cash – 57% aren’t comfortable using their mobile phone to pay for goods or services, with fears over security coming top of the list of concerns.
Nicolas Frankcom, money expert at uSwitch, said: “It’s great to see people being given more options on how to pay.
“This is a clear case of how technology can make peoples’ lives easier. If they can use these tools to help keep track of their money, that’s an added bonus.
“However, using your mobile to pay could be a double edged sword. If paying with your phone is so simple that we don’t think about whether or not we can afford it, it could lead to debt problems.
“New technology should be welcomed, but it’s equally important that consumers use it to help them take control of their finances, not lose it.”