UK more open to mobile wallets than US, consumer research shows

Consumer research carried out amongst UK consumers by Consult Hyperion shows more enthusiasm for wallets than in the US

[Guildford: October 14th, 2013] A majority of UK consumers would use mobile wallets, according to recent research carried out by secure electronic transactions consultancy Consult Hyperion. This 58% figure in favour is in contrast with the 64% of US consumers who say they would never use a mobile wallet.

Consumers were asked who they would trust most to issue a mobile wallet: banks, phone companies, Google or major retailers, with a final option of saying no-one because they would not use such a service. The most trusted issuers for UK consumers were banks at 34%, followed by Google at 14%, mobile operators at 6% and retailers such as Debenhams at 4%. In contrast US figures were banks at 20%, followed by Google at 10%, retailers such as Walmart at 3% and phone service providers at 2%.

Most trusted issuer of mobile wallets- UK - source: Consult Hyperion

"Asking consumers what they think about something they have never used is always risky,"said Consult Hyperion Global Ambassador Dave Birch. "We have to be cautious about the answers, butit's interesting to see that banks retain trust for this type of service and that retailers, despite their obvious suitability for such a system, come last in terms of trust in the UK,"

Both age and gender made a difference to results with British men being more willing to use a wallet - only 37% said they never would against 44% of British women. Younger people were more open to the idea than the older generation with the group most likely to use wallets being men of 18-14 at 73% whereas the group least likely to is women aged 55-64 at 31%. In contrast, 18-24 year old men in the US were one of the most conservative groups with 71% saying they would never use a mobile wallet.

The group most likely to trust banks in the UK were the 35-44 year olds, whereas 18-24 year olds were the group most in favour of Google. The only demographic segment that favour retailers as issuers were women aged 25-34, but even for them retailers came second behind banks as the preferred issuer.

Scots were least likely to consider using a wallet whereas the English were most likely.

For more information about Consult Hyperion, visithttp://www.chyp.com, follow Consult Hyperion on Twitter,@chyppingsand keep up to date with the latest debate at Tomorrow's Transactions Blog at http://www.chyp.com/media/blog.

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Notes to Editors:

1009 US consumers answered the following question asked during September 2013 on Google Consumer Surveys: "A mobile wallet is an app that lets you pay online and in-store, provide ID, collect points/coupons and store data with a phone. Who do you trust most to issue mobile wallets?" Percentages have been rounded up from two decimal places to the nearest whole number.

About Consult Hyperion

Consult Hyperion is an independent information technology consultancy that has spent over two decades advising leading organisations around the world. Consult Hyperion helps these organisations to reap real benefits from technological change in the field of secure electronic transactions ranging from retail payments to mobile wallets to contactless transit ticketing.  Consult Hyperion is uniquely qualified to advise on turning great business ideas into working systems that can help customers, and to evaluate new business concepts, develop new products and services from specification to customer roll-out, and to test and certify complex systems.

The four main sectors the company operates in are; financial services, with card schemes, banks, retailers and others; telecommunications and media, advising world leading companies; technology, to support some of the largest IT companies, and in the public sector and transit where projects include transit operators, government and law enforcement.

Consult Hyperion organises the annual Tomorrow's Transactions Forum. The next Forum will take place in London on March 19-20. Find out more information and register at www.chyp.com/tomorrows-transactions/forum-2014.

Press Contact:                                                                                     
Andrew Ball / Chaz Brooks
Chazbrooks Communications
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email: andrewb@chazb.com                                                               

Company Contact:
Jane Adams
Consult Hyperion
Tel: +44 (0)1483 301793
email:jane.adams@chyp.com