Those hoping the coming year will see the apocryphal "tipping point" for mobile wallets in the U.K. may want to ignore the latest report from ICM Research.

According to the London-based firm, the market's just not ready, and smartphone users don't have an overwhelming awareness of mobile wallets just yet. What's more, those users who are aware of mobile wallets are concerned about the safety of their personal payment information on a mobile phone.

"Mobile wallet is about more than just paying: It allows consumers to manage their vouchers and discounts, loyalty cards, event tickets and public transport passes all in one place," said Jamie Belnikoff, associate drector at ICM Research, in an announcement of the study. "Whilst people appreciate these advantages, they expect a range of incentives and benefits to get them to pay this way."

Belnikoff added that genuine security concerns and the lack of terminals in shops, as well as a lack of in-store promotion, are also keeping consumers from adopting mobile wallets.

In addition, ICM Research found that:

• One third of consumers (34 percent) said they would probably or definitely use a mobile device to make a payment, collect a coupon or use as a ticket for events or transportation.
• Of smartphone owners, nearly half (46 percent) said they would probably or definitely use their device for the same transactions.
• More than half of respondents (51 percent) said they would use a mobile wallet if concerns about security were addressed.

"The market needs to combine incentives with added security measures and communicate them widely if it is to build consumer confidence that will help drive the adoption of mobile wallet," Belnikoff said.

For its mobile wallet study, ICM Research surveyed 2,015 consumers between Nov. 30 and Dec. 2, 2012.

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