A new ACI Worldwide report has shown that there are two major priorities for these payment apps.
The results of a new ACI Worldwide survey have now been released and, within them, it has been revealed that retailers considering mobile wallet apps are most interested in two major issues: security and the ability to use rewards programs.
That said, between those leading issues, it is the mobile security features that tops the list.
Among the retailers who responded to the survey, two out of every three said that the security aspect of mobile wallet apps is their leading concern. This demand from retailers for mobile payments solutions that provide adequate security should help to assuage some of the concerns that consumers have also expressed with regards to adopting these new types of transaction technologies.
That said, beyond security, there were a number of other expectations retailers had for mobile wallet apps.
Seventy two percent of the surveyed retailers said that security was their top issue for their mobile commerce apps, in general, but when it came to payments, that figure rose to 75 percent. However, just slightly less – 71 percent – said that they wanted the integration of loyalty options into m-commerce apps, while 55 percent were concerned about that issue with mobile payments apps. Another 55 percent said it was important to be able to achieve seamless ordering through the use of the shopping applications but for wallet apps, that was seen as important only among 46 percent of the respondents.
According to the ACI Worldwide vice president, product line manager, Lynn Holland, in the company’s release on the study, “The proliferation of retail digital channels demonstrates the trend that ‘clicks upstage bricks,’ but even consumers shopping at traditional brick and mortar stores are increasingly using in-store browsing capabilities, which puts the power of information in sales associates’ and consumers’ hands.”
Holland also pointed out that no matter the channel, the results of the research indicated that over m-commerce and mobile wallets, payment security remains a top concern among retailers considering the use of this tech, especially in issues such as point-to-point encryption and tokenization.
According to Micromax co-founder, Rahul Sharma, “All these services will be deeply integrated and stitched with one payments system.” The goal is to make it as convenient, seamless and simple for device owners to use as possible. This will allow them to use it as a natural part of their device use, instead of being an awkward or clunky add-on that requires them to take too much action in order to take advantage of what it has to offer.