The Corliss Group Latest Tech Review: UK Businesses Ignoring Consumer Demand for Mobile Payment Tech

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UK Businesses Ignoring Consumer Demand for Mobile
Payment Tech
The Corliss Group Latest Tech Review
http//www.cbronline.com/news/uk-businesses-ignori
ng-consumer-demand-for-mobile-payment-tech-4313289
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Mastercard warns invest or face economic
consequences.   Many UK businesses are struggling
to expand and develop to their full potential due
to a lack of proper investment into new
technologies such as alternative payment methods,
a senior Mastercard executive has told
CBR.   Marcia Clay, the groups' UK and Ireland
head of strategy and commercial development,
explained that UK consumers are increasingly
calling for innovative technologies such as
mobile payments as they look to simplify their
everyday lives.   "I believe we need to
prioritise support for innovative start-ups,
businesses in the eCommerce and mobile payments
sector for example, which are in a unique
position to propel the UK economy forward in 2014
and beyond," she said.
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Clay detailed how Mastercard is working with
London-based Startupbootcamp FinTech, providing
the expertise, mentoring and access to a network
of industry professionals that most early-stage
FinTech start-ups would not be able to access
otherwise.   Mastercard has found that many small
businesses still do not use electronic payments,
despite almost 80 of UK businesses having a
website or some sort of online presence. A much
smaller percentage can currently accept card
payments, and the company believes that
businesses of all sizes should be encouraged to
invest in new technology and services that give
consumers more choice.   The company also found
that UK consumers are using mobile and
contactless payment methods and wide-spread
adoption is reaching a critical mass with around
5.7m transactions taking place on UK smartphones
every day.
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This has been spurred on by a major growth in
contactless payments, which grew by 383 from
2012 to 2013 across the country as more UK banks
began rolling out the technology. Figures
released today by the British Bankers Association
show that more than 15,000 people are downloading
banking apps every day, with transactions using
the internet or mobile banking methods are now
worth 6.4bn a week up from 5.8bn last
year.   "It is important to always understand
what really matters to consumers," Clay says.
"Through our research we have identified what
really matters is feeling safe and secure from
fraud, whether it be physical point of sale or
online, experiencing a simple and speedy process,
and confidence that wherever they are, whatever
they are doing their payment method will be
excepted.
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"The UK is leading, but the world is catching up
with us and if UK businesses don't embrace the
fast evolution of commerce, we will be left
behind.    Recommended Reading https//www.fac
ebook.com/pages/Corliss-Tech-Review-Group/15851756
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