FinTechCyber Security & FraudResearch Reveals Mobile Payment Security Concerns

Research Reveals Mobile Payment Security Concerns

Phone hacking fears dominate consumers’ security concerns about new ‘mobile wallet’ payment systems and are likely to hamper UK adoption of new ‘swipe-and-pay’ smartphone systems, according to the latest research from Intersperience.

Over 1,000 UK adults were questioned on their attitudes towards using mobile phone payment systems, which found that just 17% would like to use their mobile as a wallet in future. The top concern cited by consumers was a lack of security software, with 44% citing this as their chief worry.

The results coincide with the trial of Google’ s new mobile electronic wallet system in the US ahead of an anticipated UK launch in 2012.

The survey revealed a mix of emotional and rational views on mobile payment security with 24% of people saying using a mobile for payment “feels less secure but I don’t know why”, while a further 24% believe their mobile is more likely to be stolen than their wallet.

It also showed that many consumers feel vulnerable following high profile phone hacking scandals. One respondent said: “After the recent phone hacking scandals it’s clear that mobiles can be hacked. I’d be worried criminals would learn to do it.”

Paul Hudson, chief executive officer (CEO) of Intersperience, said: “There is no doubt that the phone hacking scandals have unnerved consumers. We also detected a marked rise in security concerns when people use devices with mobile internet access compared to fixed access via PCs. These beliefs will impact the pace at which UK consumers adopt mobile payment systems.”

The research showed that just 8% of adults currently use their mobile phone for payment although this is expected to increase as 21% said they would like to use their phone to buy something in future.

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