Tag: mobile commerce security

Survey sheds light on consumer behavior concerning mobile payments

| March 14, 2014

Survey shows that consumers are showing strong interest in mobile commerce but remain concerned regarding security

Bain & Company, a global management consulting firm, has released the results of a new survey that focuses on mobile commerce. Throughout the world, mobile shopping and payments have become quite popular among consumers. These people tend to be quite reliant on their mobile devices, using smartphones and tablets quite frequently in their daily life. The survey from Bain & Co. accounts for 25,000 respondents across five countries and aims to shed light on how their view mobile commerce as it exists today.

Consumers show they are somewhat unwilling to make mobile purchases in a physical store

According to the survey, more than half of respondents noted that they were aware of mobile payments. This awareness is highest in Western Europe, where 70% of respondents noted that they knew what mobile payments were and how to make a payment from a smartphone or tablet. While awareness is high, only a quarter of respondents to the survey said that they were willing to make mobile payments in stores. Online payments were considered more attractive and many respondents suggested that paying online from a mobile device was more secure than using a device in a physical store.

Security concerns prevent many people from participating in mobile commerce

Mobile Commerce Survey - Mobile PaymentsSecurity is one of the most significant challenges that face the widespread adoption of mobile commerce today. Many consumers are worried that by participating in mobile commerce their financial information will be exposed to exploitation. While consumers are concerned for the security of their financial information, the survey shows that as much as 27% of respondents were willing to make a mobile payment in-store.

High profile crimes keep people wary of mobile commerce  and shopping in general

Mobile commerce is becoming more accessible, but ongoing concerns regarding security are likely to inhibit widespread adoption for some time. Some of the security concerns that consumers have are somewhat misguided. These concerns are, however, augmented by recent spates of high profile data theft and hacking. Such events tend to spark serious doubt on mobile initiatives.

Payments Council prepares to step into the mobile commerce arena

| March 13, 2014

Organization set to launch a new mobile service in the UK

The Payments Council, an organization comprised of financial institutions based in the United Kingdom, is set to launch a new mobile commerce service named Paym. The service is meant to provide consumers with a more secure way to make mobile payments. Security remains one of the most outstanding and problematic issues that faces the mobile space. Because mobile commerce has become so popular among consumers, it has also become a popular target for malicious groups that seek to exploit financial information.

Paym aims to make money transfers quick and easy

Paym has the backing of several prominent financial institutions due to their association with the Payments Council. The service is designed to allow consumers to send money directly to a bank account as quickly as other forms of money transfer would work. The Payment Council notes that the service is linked to an overarching initiative in the United Kingdom that involves associated all bank accounts with a mobile device. Money transfers through Paym can be done through the use of a mobile number.

Collaboration may help companies avoid unnecessary competition in the mobile space

UK Mobile Commerce - Mobile PaymentsCompetition in the mobile commerce sector is quite fierce, if somewhat in overabundance. Many startups are fighting one another to win the attention and support of consumers while large companies are doing the same. The Payments Council believes that collaboration in necessary in order for mobile payments to become mainstream. These collaborations could allow organizations to sidestep much of the competition that exists in the mobile space, but whether these collaborations can produce services that consumers are interested in has yet to be seen.

Paym may be able to lay some security concerns to rest

Paym is expected to be made available later this year. The service is currently undergoing a final stage of testing before it is officially released. Concerns regarding security remain high, however, but with the regulations that banks must adhere to, these concerns could be dispelled once the service is launched. Banks have long focused on financial security and are typically required to meet the security standards of whatever country they are operating in.