You are here: Home - Saving & Banking - News -

Quarter of consumers fear Apple Pay will make spending spiral

0
Written by:
30/06/2015
A quarter of Brits are concerned that Apple Pay will lead to their spending spiralling out of control when it launches in the UK next month, according to uSwitch.com research.

While consumers welcome the launch of Apple Pay as a simpler and faster payment method, 24 per cent fear that using their phone instead of cards and cash will result in them spending more, and 25 per cent believe it will lead to more impulse purchases.

Apple Pay is a contactless payment technology, which pulls your credit cards, debit cards, and other payment data from the Passbook app. Due to launch in July, it will be available to iPhone 6 and Apple Watch users, and be accepted at over 250,000 locations.

According to the research, many consumers would like to see extra Apple Pay features to assist them limit their spending. Some 57 per cent would like the ability to check their balance, 38 per cent want a cap on ‘tap and go’ payments, 10 per cent want limits on when they can use mobile payments, based on the time of day, and 12 per cent limits on where (such as pubs and clubs).

One in four, however, believes no tool would help them remain in control of their finances.

While 26 per cent say they feel more comfortable using mobile payments with Apple behind the technology, 57 per cent of consumers aren’t comfortable with using their mobile phone to pay for goods or services. 45 per cent expressed concerns over the technology’s security.

“It’s great to see people being given more options on how to pay,” said says Nicholas Frankcom, money expert at uSwitch.com.

“This is a clear case of how technology can make peoples’ lives easier. If they can use these tools to help keep track of their money, that’s an added bonus.

“However, using your mobile to pay could be a double edged sword. 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.”

 

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Seven ways to get help with energy bills this winter

We knew today’s announcement was going to be painful, but it’s still a shock to the system. When this kick...

Flight cancelled or delayed? Your rights explained

With no sign of the problems in UK aviation easing over the peak summer period, many will worry whether holida...

Rail strikes: Your travel and refund rights

Thousands of railway workers will strike across three days this week, grinding much of the transport system to...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

DIY investors: 10 common mistakes to avoid

For those without the help and experience of an adviser, here are 10 common DIY investor mistakes to avoid.

Mortgage down-valuations: Tips to avoid pulling out of a house sale

Down-valuations are on the rise. So, what does it mean for home buyers, and what can you do?

Five tips for surviving a bear market mauling

The S&P 500 has slipped into bear market territory and for UK investors, the FTSE 250 is also on the edge. Her...

Money Tips of the Week