Tag: gfk

Security concerns continue to plague the mobile payments space

GfK report highlights worries over the security of new payment services

Security is still a major concern for consumers that are interested in mobile payments. While mobile transactions account for only a small portion of commerce overall, they are becoming more popular among consumers throughout the world. While this popularity is growing, consumers are still concerned how new payment platforms will protect their financial information. According to a new report from GfK, a prominent market research firm, these security concerns could slow the adoption of mobile commerce among consumers.

Few consumers are comfortable with the security offered by mobile commerce platforms

According to the report from GfK, mobile payments only account for 3% of all transactions being made in the United States. The majority of consumers prefer to use their debit cards to pay for goods and services. Not only are consumers more comfortable with conventional payment solutions, they also believe that mobile payments services are not secure enough. Approximately 52% of consumers believe that new payment services are not able to keep their personal information secure. Only 16% believe that mobile commerce services are more secure that more conventional forms of payment.

More companies are working to improve the security of mobile payments services

Mobile Payments SecuritySecurity concerns are nothing new for the mobile commerce industry. Over the past several years, consumers have expressed their worry that new payment services were simply not able to protect their information. The companies responsible for these services have been working to make them more secure, with many now making use of biometric technology. This technology leverages biological information to protect payment services. Consumers can protect their information with something as simple as a fingerprint, which has done much to secure confidence in mobile commerce among consumers.

Younger consumers are less concerned about security and privacy issues

Notably, younger consumers, those between the ages of 18 and 24, are less concerned about security and privacy issues. Approximately 33% of these consumers say they are completely confident in the security of mobile payments services. They believe that new payment services are not only secure, but also very convenient and allow them to shop and purchase products no matter where they may be without having to rely on traditional forms of commerce.

Mobile commerce is booming among Millennials

Survey shows that more people are using their devices to shop online and off

A new survey from GfK and Facebook IQ shows that consumers are beginning to favor their mobile devices when it comes to shopping online. Many people are beginning to rely on their smartphones in their daily lives, and the idea of mobile shopping is becoming very appealing to them. The survey suggests that mobile commerce will see strong growth in the coming years, especially among Millennials who have become very comfortable with using their smartphones to get their shopping done.

Millennials are proving to be the demographic most comfortable with the concept of mobile shopping

According to the survey from GfK and Facebook IQ, approximately 45% of all shopping done both online and off involve a mobile device in some way. Some 57% of Millennials use their devices while shopping, with a growing number of these people opting to pay for products with their smartphones rather than traditional currency. Consumers enjoy a seamless experience, where they can move from one payment channel to the next without much trouble.

Omni-channel shoppers use their devices to research and purchase products online and in physical stores

Mobile Commerce & MillenialsThese so called “omni-channel” shoppers believe that the Internet is a vital part of the shopping experience. Mobile commerce does not only involve purchasing products with a smartphone, as consumers also use their devices to research products that they are interested in. Indeed, the majority of consumers that research products with their devices also made purchases. Approximately 60% of omni-channel shoppers noted that they will likely use their mobile devices to make purchases more frequently this year.

Retailers becoming more mobile-centric are finding it easier to connect with consumers

Many retailers had feared that the rise of mobile commerce would lead to a major decrease in sales. For merchants without an online presence, this may be true, but retailers focusing on the mobile sector are finding it easier to connect with consumers. These retailers are likely to become more mobile-centric in the coming years, especially as new mobile commerce platforms become available to consumers.