Do Consumers Feel Secure about Mobile Payments?

Do Consumers Feel Secure about Mobile Payments?

May 4, 2015         Written By Lynn Oldshue

Americans are almost evenly split on how they feel about the security of mobile payments.

According to a new survey from 451 Research, 24% of the respondents feel mobile payments are more secure than traditional payment methods, while 27% believe they are less secure. It is important to note that there has been a very significant improvement in the perception of mobile security during the past year. 43% of the respondents felt mobile payments were not as secure as traditional payments a year ago.

84% of respondents said the secure storage of financial account information was the most important feature in a mobile payment app. Consumers also underscored the importance of widespread acceptance, with 70% saying they looked for mobile payments that are already accepted at many merchants around the country.

What may also be surprising to some is that Apple Pay has risen to the top in terms of which mobile payment provider users prefer. 45% of respondents said they would be using Apple Pay in the coming months, which greatly trumps the 28% who said they would use PayPal.

Now that the Apple Watch has finally started shipping, more users will have a chance to explore Apple Pay. Seeing how quickly it has moved up the ranking, all signs point to a positive future for Apple’s mobile payment platform.

“In the wake of Apple’s entrance, Google and PayPal have made significant acquisitions, while players such as Facebook and Samsung are rolling out payment products to remain competitive,” Jordan McKee, senior mobile payments analyst at 451 Research, said. “Moving forward, the pace of activity will only accelerate as vendors look to capitalize on the growing contactless payments infrastructure and secure a foothold in this rapidly evolving sector.”

 



The information contained within this article was accurate as of May 4, 2015. For up-to-date
information on any of the terms, cards or offers mentioned above, visit the issuer's website.


lynn-oldshue

About Lynn Oldshue

Lynn Oldshue has written personal finance stories for LowCards.com for twelve years. She majored in public relations at Mississippi State University.
View all posts by Lynn Oldshue
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