Report: Mobile Payments Gain Steam in 2014, Security Still a Concern
March 5, 2015
While Apple Pay is in its infancy from the perspective of consumer adoption, its September launch has led an acceleration in the shift to paying by phone both in store and online. Perceived security shortcomings remain a stumbling block, though, according to a new report from Walker Sands.
Only four percent of consumers have used Apple Pay in the past year, but 18 percent said its introduction had made them more likely to try mobile payments in the near future. Forty percent of consumers reported using a mobile payment app in 2014, up from 8 percent in 2013.
The two biggest concerns consumers have with mobile payments are related: 57 percent cite security as a factor that makes them hesitant to use mobile and 48 percent said privacy. While adoption is rising, consumers still don’t trust mobile wallets. Only one percent of those polled feel mobile is the most secure form of payment. Even Bitcoin garnered three percent.