Study shows that many people are uncomfortable with the idea of mobile payments
Despite reports of the aggressive and widespread adoption of mobile commerce throughout the United Kingdom, consumers may not actually be as comfortable with the idea of mobile payments as some might suggest. A recent study from Intercede shows that the majority of UK consumers are uncomfortable with mobile commerce, with most saying that they would never make use of mobile banking services due to security concerns and other worries regarding their financial information.
Consumers are avoiding money transfer apps and many do not want to purchase products from their mobile devices
The study shows that many consumers in the United Kingdom actively avoid money transfer applications, with 24% saying that they would not feel that their financial information is safe while shopping from a mobile device. Approximately 75% of consumers have expressed concern about data loss, claiming that a stolen device could give a thief access to their valuable financial information that is not being adequately protected by the applications that they would be using to shop for and purchase products online.
High-profile digital attacks ignite concerns in the mobile space
Part of the reason that consumers are uncomfortable with mobile commerce may be linked to the growing frequency of high-profile cyber attacks. Data breach has become quite common, especially where large companies are trafficking a massive amount of consumer financial information on a daily basis. As more of these attacks find their way into the news, consumers are beginning to doubt the security efforts that organizations are making to protect their information in a digital era.
Mobile commerce is still growing in the UK despite consumer concerns
Despite concerns, mobile commerce is actually growing in the United Kingdom. More retailers are beginning to support mobile payments and many consumers are beginning to purchase products from their mobile devices online and in physical stores. Those offering mobile commerce services are beginning to take security more seriously, taking steps to ensure that consumer financial information is kept safe. It is proving difficult to adapt to a world where digital threats are evolving at a rapid pace, however.