Security is a concern for consumers who use mobile payment apps and systems, with 57% of mobile payment service users saying they are at least somewhat concerned about phishing scams, according to a recent survey.
Some 62% of the respondents are concerned about their personal data being stolen from a company or app database. About 64% worry about their passwords getting hacked and 62% are concerned about their device getting lost or stolen, according to the survey cited by aytm.
Some 47% say mobile payments are not secure and 30% are unsure. Of those who don’t currently use mobile payment apps, 29% said security concerns have played a part in their decision not to use them. However, 40% said they don’t use mobile payment systems because they don’t see the need. 23% said they don’t use them because they don’t have a smartphone and 12% have a smartphone that doesn’t allow the use of mobile payment systems. 9% said they’ve never actually heard of any mobile payment systems or apps. Another 9% said they are too advanced or confusing. And 3% said they don’t use credit or debit cards.
Overall, 45% of respondents said that they would feel less secure using mobile payments than they would using a regular credit or debit card. Just 13% said they would feel more secure using mobile payments systems and 42% said it would make no difference to them. Those who have already used mobile payment platforms were 20% more likely to say that they would feel more secure using mobile payments over regular credit or debit cards.
The global mobile payment market, which includes solutions offered by Apple Pay, Google Wallet, PayPal and Venmo, will be worth an estimated US $2.8 trillion by 2020, according to Future Market Insights. As the use of mobile payment picks up speed, the associated risks grow as well.
The 2015 Mobile Payment Security Study surveyed more than 900 respondents on the security-related aspects of mobile payment.