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Online credit card payments need better security for wider adoption

December 14, 2011

The majority of consumers recently surveyed said they would be more likely to adopt mobile payment systems if security concerns were addressed.

The majority of consumers recently surveyed said they would be more likely to adopt online credit card processing portals if security concerns were addressed.

The survey, conducted by Javelin Strategy and Research and commissioned by PaymentOne, found that of the more than 2,000 consumers surveyed, four out of five said that online retailers needed to make it more clear that they were taking all necessary precautions to keep information secure.

“If digital merchants simply offered consumers an alternative way to pay, such as mobile carrier based payments, 79 percent of decisive consumers indicated they would spend more, driving significant new incremental revenue from subscriptions, transactions and purchases,” a spokesman for Javelin research told ITWire. “With an estimated $110 billion in new revenue for digital merchants being left on the table each year in the US alone, this ‘commerce gap’ represents a massive untapped opportunity.”

Another study by Javelin reveals that more people are expected to climb on the online payment bandwagon over the next half decade. The Online Retail Payment Forecast revealed that between 2011 and 2016 the merchant service method is expected to increase 63 percent.  

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