Consumers Skeptical About Mobile Payment Security, Reliability

Nearly half of consumers are worried that mobile payments could compromise their personal information.

October 01, 2013

OGDEN, UT – A new study shows that American consumers have been reluctant to adopt mobile payments because they view the service as insecure and unreliable, Business News Daily reports.

Conducted by enterprise software maker SAP, the study revealed that nearly half of respondents said that they’re worried that mobile payments could compromise their personal information, including their bank accounts. And nearly half said mobile payment requirements — entering personal information into a small mobile device to get started — are burdensome.

The study included feedback from 12,400 adults in 17 countries. While U.S. consumers are not averse to mobile commerce, they want services that are simple, safe and effective, said Anthony Reynolds, senior vice president of worldwide mobile sales and solutions at SAP.

“While progress is being made, companies must make a collective effort to provide consumers ease of use and benefits for mobile interactions and transactions, such as available technology, security and incentives,” Reynolds said.

As to the viability of mobile payments in the U.S., American respondents said they would be enticed to the service by better incentives from mobile payment providers as well as mobile checkout support from more retailers.

Americans lag far behind other countries in terms of overall mobile use, with just 38% of U.S. respondents using their phone for more than talking and texting, compared with 63% of users globally.

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