Report: Consumers Still Concerned about Mobile Security
March 13, 2014
Just a week ago, a report highlighted the conundrum felt by mobile payment providers: while interest in the technology is high, adoption remains low. An even more recent study points to a major reason why. In the U.S., more than half of consumers were aware of mobile payment options (more than 70 percent in Western Europe), but only a quarter of them are willing to use their phone to make payments, according to a study conducted by Bain & Co, because of security and privacy concerns.
The good news, however, is that consumers who do use mobile spend about twice as much through all digital channels as non-mobile users. So, the report said, companies that can identify the customers who use mobile are at a distinct advantage.
Results of a separate survey seem to indicate merchants are responding to this trend. The Mobile Payments & Fraud Survey: 2014 Report found the proportion of merchants polled that thought it was “very important” to be able to detect if a transactions was coming from a mobile device grew from more than 38 percent in 2012 to nearly 51 percent in 2013.