Tag: mobile commerce security

Consumer behavior about mobile commerce is changing

| March 13, 2015

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

Consumer opinion about mobile commerce changingMobile 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.

Security of mobile payments may no longer be a concern

| March 12, 2015

Consumer sentiment regarding security of mobile payments has changed

The security of mobile payments may no longer be a serious concern for consumers, according to a recent study from MasterCard. The company released its third annual Mobile Payments Study, which is conducted in partnership with Prime Research, and found a significant shift in consumer sentiment concerning mobile payments. For years, consumers have been somewhat concerned about the security of payment platforms, but now they appear to be more interested in enhanced digital experiences on their mobile devices.

Consumers want to see better digital platforms that are more convenient and enjoyable

The study shows that in the Asia Pacific region, which is one of the fastest growing mobile payments markets, conversations regarding mobile transactions primarily took place in India, Japan, Australia, China, and Indonesia. Consumers took to social media sites to talk about the need for better digital experience, especially in the mobile shopping space. Notably, merchants are also finding more visibility by joining in on these conversations, which are providing them with insight into what consumers want to see from the mobile commerce space.

91% of conversations about security have been positive

Mobile Payments Security less of a concern among consumersAccording to the study, 91% of the conversations regarding the safety and security of mobile payments were favorable. This is a vast improvement over 2012, when 57% of the conversations about mobile commerce security were negative. Confusion regarding the security capabilities of mobile payments services has also diminished. People are now praising secure platforms and are using these platforms more regularly in order to shop online and in physical stores.

Consumers demand better digital experiences in order to enjoy mobile commerce more

Though security may no longer be a serious issue for consumers, they still want to see better digital platforms. Some retailers are lagging behind in terms of providing an enjoyable shopping experience for mobile consumers. As mobile payments begin playing a larger role in the retail space, this could become a problematic issue for merchants. Improving the digital experience could provide retailers with promising business opportunities.