A new phobia of the latest payment methods is suggested after research into the nation’s fears, released by PayYourWay.org.uk, the Payments Council’s consumer education campaign.
Pay Your Way has identified “paynuphobia” as the fear of using the latest ways to pay, such as mobile phone banking and contactless cards, because of concerns around security. The phobia affects 26 per cent of us – more than the percentage of people who are scared of spiders (25pc). One in seven people surveyed felt their life was being held back by their fear of technology, with one in ten actively avoiding internet banking due to their fears.
The research paints a picture of Britain as a fearful nation, with over two thirds of people suffering from some sort of phobia. A quarter of phobia sufferers concede that despite understanding their fear is irrational it still has negative consequences on their life.
Common anxieties include fear of flying, heights and enclosed spaces, but some people admitted to downright bizarre phobias, such as a dread of buttons, fruit or bridges.
The Payments Council is keen to address paynuphobes’ security concerns by explaining how the new technology works, how they can protect themselves and the protection they have if something goes wrong. The campaign has also teamed up with clinical hypnotherapist Dominic Knight to explore our irrational fears and offer some tips on what can be done to overcome them.
Dominic said: “The only thing that really holds you back from being where you want to be in life is fear. It arises when you assume, unrealistically, that you are about to experience more loss than gain. You create some imaginary scenario in your head and develop negative thoughts around it that may be untrue.
“One of the many ways to overcome fear is through awareness. In the case of a fear of modern payment methods, look around and check out for yourself all of the prestigious companies and brands in the world that have online shops with various options for payments. You’ll notice that the satisfaction and security of you, the customer, is first and foremost. Many of today’s technologies that we take for granted were once feared but we overcame that fear and are now benefiting from this.”
Here is Dominic’s advice for overcoming fears:
Acknowledge the change, and focus on the benefit of the change or new method of payment.
Acknowledge your fears and replace with a trust that things will work out.
Take the first step, it’s always the hardest but once you get use to doing it, it will very soon become the norm.
Look forward to and embrace change!
Paynuphobia is also costing its sufferers time and money – nearly a quarter of paynuphobes confess they have wasted time queuing to check a bank balance (22pc) and one in seven (14pc) have incurred a late payment fee because they couldn’t reach a bank to make a payment, even though both of these could have been done remotely using mobile or online banking.
Banks take many measures to ensure that online banking is safe; these include making sure their websites are encrypted, timed log outs, deactivation of your log-in details if a number of incorrect attempts are made, and varying types of authentication processes. Many banks also recommend specific security software.
The Payments Council is keen to reassure people that all payment methods are tested before becoming available to the public. Even if the worst should happen, Innocent victims of fraud are legally entitled to a full, immediate refund, as long as they haven’t acted fraudulently or negligently. If a bank investigates a claim and believes the customer is at fault, it’s up to the bank to prove it.
Adrian Kamellard, Chief Executive of the Payments Council said: “Many of us have phobias, but no one needs to be scared of trying online banking, contactless cards or mobile. Taking control of a fear – whether it is a fear of internet banking or heights – can help you improve your quality of life by saving money, time or introducing a new experience.”
The latest ways to pay are safe, easy to use and convenient, and mean we have more choice than ever when it comes to paying for things in the way that suits us best. The Payments Council has created a guide on safe online banking and new ways to pay to reassure people with security fears about the safety of these payment methods and offer guidance on how to be as secure as possible. To download this guide and for more information on new payment methods, visit www.payyourway.org.uk.
The research
Payments Council’s research was with 2,012 GB adults aged 18-plus between April 26 and 28. Data has been weighted to be representative of all British adults.
For further information visit the Pay Your Way website – http://www.payyourway.org.uk
