Contactless Payments Through Cell Phones? Not So Fast...
Members of Generations X and Y -- normally eager to embrace new technology -- are taking a pass on contactless payments made through mobile phones, and are wary of contactless payments in general.
A survey of 4,000 Americans aged 16 to 43 showed that 38% were not interested in using their cell phones to make payments via RFID or Bluetooth, and 60% avoid existing systems of contactless payment. Many cited security concerns, while others said that they weren't likely to use their phones in that manner. Predictably, those on the older end of the survey were most resistant to the idea, while the greatest support came from the youngest respondents.
Karen Webster, president of Market Platform Dynamics, who conducted the survey, believes that the it shows that consumers are taking a "wait and see" approach before taking the plunge into a new technology that would involve their finances. "I would expect that today you would get something of a lukewarm reception, as we did. I would expect to see that change over time as devices become more prevalent and as the value proposition from the issuer develops."
In other words, contactless payments have to prove their worth... as well as their safety and stability. However, it's one thing to be a technology guinea pig, but quite another when one's bank account is at stake.