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85% of Brits have concerns over new payment methods

A new survey has found that 77% of Brits have concerns about using new payment methods such as contactless or mobile phone payments.

The survey, by law firm Paul Hastings, found the biggest reason for worry was fraud (59%) followed by data security (49%) and theft (45%).

Ben Regnard-Weinrabe, partner in the Global Banking & Payment Systems practice at Paul Hastings said: “Traditional providers occasionally suffer well-publicised hacks which they are perhaps better placed to weather given their long-established reputations in financial services.

“New payments providers often don’t share this incumbent advantage and therefore security is inexorably linked to the success of their business, which is why they are likely to put significant financial investment into ensuring their payment systems are robust against the threat of fraud.”