Consumers are becoming more aware of mobile commerce and more likely to participate therein
Retale, a location-based shopping and marketing firm, has released the results of a recent survey it conducted in the United States. The survey found that consumer attitude regarding mobile payments has begun to shift. In the past, many people had been somewhat leery of mobile commerce, concerned that mobile platforms were not as secure as they often claimed to be. As people have become more exposed to mobile payments, however, they are growing more interested in the concept.
56% of consumers are willing to use their mobile device to pay for products they are shopping for
According to the survey, 56% of consumers noted that they would be willing to participate in mobile commerce to purchase a gift for others or something for themselves. A massive 91% of respondents noted that they had already made a mobile payment in order to purchase a product. Many consumers have mobile commerce on their mind relatively frequently. Some noted that they look for mobile payment support when they visit physical stores.
Consumers favor the convenience of mobile commerce
Convenience is the main reason behind consumer interest in mobile payments. Approximately 58% of consumers said that they favor the convenience that mobile commerce offers over more traditional forms of commerce. Despite the benefits of mobile commerce, consumers still have concerns, especially when it comes to security.
Security issues remain the greatest barrier between consumers and mobile payments
The survey found that the greatest concern that consumers participating in mobile commerce have has to do with security. Recent high-profile cyber attacks on retailers have thrust the security issues that mobile commerce faces into the limelight. Many consumers have expressed their worry that their financial information is not safe when they are using a variety of mobile services. Others are concerned that mobile payment platforms can be accessed to easily if their smartphone or other device is stolen. Still others have expressed concerns regarding how difficult it is to keep track of their spending on some mobile platforms.
HP notes that its software is able to facilitate secure cloud-based payments without the need for devices to have built-in security elements. This means that mobile transactions can be protected regardless of a mobile device’s security features. HP is expanding its partnership with Cryptomathic in order to make payments more secure than they have been in the past. This partnership will also bolster the security of NFC-based payment cards, with new card technology being introduced in 2015.