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Brits favor banks for digital payments

February 27, 2013

A new study from VocaLink, a payment processing and merchant services firm, found that many potential digital payments users in the UK have a common condition for adopting the tools.

A new study from VocaLink, a payment processing and merchant services firm, found that many potential digital payments users in the United Kingdom have a common condition for adopting the tools.

According to the research, 81 percent of people interested in mobile credit card processing and other digital payment methods would be more likely to implement them if they are provided through banks.

“This indicates that banks are trusted to provide safe and secure transactions, regardless of channel and the delivery of alternative payments is a clear opportunity for banks to maintain and build greater customer engagement,” said Paul Stoddart, managing director of strategy and business development at VocaLink. “Traditional institutions have a key role to play and should be at the forefront of payments innovation by delivering services based on consumer demand.”

VocaLink’s data showed some other encouraging figures for the online credit card processing industry, finding that 33 percent of smartphone owners and 43 percent of tablet users employ their devices for online shopping.

According to the PCI Compliance Guide’s website, consumers taking advantage of mobile payments technology can also take measures to secure their data independently, including making sure their phones are not storing data, locking their devices and keeping payment apps and operating systems updated.

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