Consumers are showing concern for the security and capabilities of mobile payments services
Mobile payments are growing quickly, but consumers are still not convinced that new payment technology will take hold. According to a new survey from Trustev, many consumers are still concerned about the security issues that exist in the mobile payments space and they are not certain that using a payment platform is in their best interests. As such, many have been slow to embrace mobile payments platforms, even if these platforms offer secure and convenient services.
Survey shows 1 in 50 iPhone 6 owners use Apple Pay regularly
according to the survey from Trustev, only one in 50 of the people that own an iPhone 6 actually make use of Apple Pay, Apple’s new mobile payments service, on a regular basis. The platform was released late last year and has managed to find some traction with consumers, but it has yet to become a commercial success. One of the reasons consumers are not showing aggressive interest in mobile payments may be a confidence issue.
Lack of confidence in mobile payments services is leading to low adoption among consumers
Payment fraud is a major issue that organizations in the mobile payments field must worry about
Payment fraud is becoming a major concern for those involved in the mobile payments space. According to Chargeback911, payment fraud caused approximately $32 billion in financial damage in the United States in 2014. This is a 38% increase over the damage it had caused in 2013. Fraudulent payments are not restricted to the conventional commerce place, of course, and the mobile payments sector also faces the danger that fraud represents.