The prevalence of mobile payment usage by consumers may be increasing, but there are some consumers who appear to have lingering concerns about whether these options are safe.
Security while using mobile credit card processing was a concern for 45 percent of those who have yet to use mobile payments, according to a report from Accenture. More than 35 percent explained they are worried about the privacy levels of these products as well.
“We found that the services that they’re most looking to use on their phone include not just payments but tracking receipts, managing their personal finances as part of that payment experience, and showing proof of insurance, as well as their drivers license, on their phone,” Neil Hickey, North American mobility lead for financial services at Accenture, told Pymnts.com. “Financial incentives and mobile-based financial management tools could increase consumers’ use of smartphones as payment devices.”
Despite the concerns, there are some who are excited about the rise in abundance of these options. More than half of those polled felt that mobile payment usage would make buying gas easier, and they would do it more frequently. Close to 50 percent felt that paying another person would make this worthwhile, as well.
These methods may increase in the coming months and years, as the demand for these tools continues to rise. Close to 85 percent of Americans noted they would rather shop without using their wallet, according to a study from PayPal. Approximately 30 percent would rather have a smartphone instead of a wallet if they had to choose one.
The use of mobile payments is growing quite notably, and much of this may be due to a heightened level of security measures for this type of payment method.Back To Blog