Trust Declining in Mobile Wallet Apps for UK Smartphone Owners

Two-thirds say they wouldn’t trust their own bank’s app

Author: Ben Clague

March 3, 2017

The widespread availability of mobile wallets would presumably increase shoppers' interest and trust in them over time, but a new survey finds that this is not the case so far.

The latest edition of the Marketing Sciences Unlimited Omnibus found trust levels for every brand of mobile wallet was flat to slightly down over year-ago levels. Just 32% said they would trust their own bank’s mobile wallet app in February 2017, down seven points from June 2016’s survey.

In June 2016, 39% of UK smartphone owners said they trusted their own bank’s mobile wallet app, a high going back to September 2015. But even at that level the trust invested in mobile wallets seems low.

Other studies have found that consumers in the UK are less inclined to use mobile wallets. A July 2016 study by Aimia found that just 5% of smartphone users in the UK were using mobile wallets, the next-to-lowest level of the nine countries covered. Only Germany, at 4%, had a lower use rate.

Part of the reluctance may be that contactless cards, such as those used for mass transit in the UK, are in wide use, which may cap the appeal of alternative contactless payment systems.