Digital Wallets are On the Rise, but Privacy Concerns Limit Their Use, a Capterra UK Report Shows
- 17.11.2022 04:25 pm
In a previous survey conducted by Capterra UK, it was revealed that digital wallets are booming in the UK, with around six out of ten smartphone owners currently using them. However, results from Capterra UK’s latest survey raise some data privacy concerns.
Respondents to this survey were people that use digital wallets to make credit or debit card payments. Of these people, it was found that 61% are “somewhat” or “extremely” concerned about companies collecting their spending data via this mobile payment method. For this reason, 42% of those concerned try to limit the use of their digital wallets.
Consumers express the need to tighten digital wallet security
With concerns raised about the security of digital wallets, a quarter (24%) of the respondents believe the government should do more to regulate their use. Likewise, 21% say that financial companies could do the same to ensure the safety of their digital payment information. Capterra UK Content Analyst, Eduardo Garcia Rodriguez, comments:
“The research shows the need for companies who use these integrated services to build trust with their consumers. Some ways to do this include using data protection and compliance technology and providing more transparent data privacy policies that specify exactly what data is collected, why it is collected, and how it is used.”
Although there were identified risks associated with their use, 67% of the respondents said that digital wallets make them feel more in control of their identity because it is easier to demonstrate their credentials during situations like airport check-in.
Most people that pay with digital wallets are ready to go cashless
As many as 61% of the respondents also ‘somewhat’ or ‘strongly’ agreed they are willing to stop using cash and start using digital-only payments. Out of the different options available, the most popular digital wallet for payments identified was Apple Pay, being used by half (49%) of them. That said, 65% who pay with digital wallets still carry cash with them today.