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BizReport : Mobile Marketing : July 13, 2015

Consumers fear mobile payments will lead to impulse buying

Concerns about the security of mobile shopping are being superseded by fears that the ability to make purchases via a mobile device is so easy it will lead to impulse buying, according to a recent survey from in the U.K.

by Helen Leggatt

This month sees Apple Pay launch in the U.K., and 26% of those surveyed by say that this leading tech company entering the mobile payment market puts them at ease.

However, acknowledging the ability to make instant smartphone payments, 25% of the 1,248 adults that participated in the survey said they fear this may contribute to a rise in impulse purchases and 24% are concerned they will spend more.

To this end, it's not surprising to learn that nearly 1 in 4 (38%) of the survey respondents expressed the need to be able to put a limit or cap on daily spending. Ten percent even favored restrictions on time and 12% on location restrictions.

"However, using your mobile to pay could be a double-edged sword," said Nicholas Frankcom, money expert. "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."

Image via Shutterstock

Tags: mcommerce, mobile payments, payment technology

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