Study highlights the changing support that is coming from mobile consumers
When it comes to commerce security, Bitcoin may be safer than mobile wallets, according to a new study from Walker Sands. Security has become a major topic among consumers since the advent of mobile commerce. More people are using their mobile devices to shop for and purchase products, which has highlighted the security risks that exist in the digital space. When it comes to protecting financial information, the study shows that consumers believe that cryptocurrency is the safest way to stay protected.
Cyrptocurrency is considered more secure for mobile commerce than mobile wallets
Cyrptocurrency is a medium of exchange that leverages cryptography to make transactions more secure than they would be on their own. Bitcoin is one of the more popular forms of this currency, but these currencies are not generally well supported by government and banking organizations. The study from Walker Sands shows that 3% of consumers believe that Bitcoin, and similar currencies, are more secure when making transactions online. By comparison, 1% of consumers believe that mobile wallets are safe to use.
Mobile commerce has become a target for malicious groups that want to steal financial information from consumers and businesses
Mobile commerce has become a very attractive target for malicious groups that want to exploit the financial information of consumers. Some mobile wallets have been targeted by these groups, some of whom are exploiting the security flaws of mobile commerce platforms. Not all platforms are dangerous to use, of course, and those that are targeted tend to become more secure in a very short amount of time after a malicious attack.
Businesses are becoming more active in making mobile commerce more secure
The study shows that the majority of consumers (56%) believe that cash is still the most secure way to make a purchase. Credit cards follow behind cash. The study has taken note of the changes in consumer behavior, especially concerning security issues. The study also shows that retailers and other businesses are taking steps to make mobile commerce more secure and attractive to consumers.
In the coming year, businesses may be putting more focus on their mobile initiatives. Adam White, director of business development and strategy for Coinbase, suggests that services with location-based rewards and other features may find more success. The demand for all-in-one solutions, where consumers can compare prices, find deals offered by local retailers, and pay for their products is growing. Accommodating this demand could help mobile payment firms gain significant momentum among consumers.