The fears that shoppers have when it comes to using their devices is continuing to hold m-commerce back.
According to the results of a recent study, a lack of trust in mobile security is continuing to hold back shopping over m-commerce, but it is also invading on the potential success of banking apps.
The research showed that almost half of all consumers in the United States say they would never use mobile payments.
Intercede, a digital identity firm showed that its “The Rise of the Identity Centric Economy” study revealed that in the U.S., 44 percent of consumers say that they would never use mobile banking services. Moreover, another 48 percent said that they would never use apps for making bill payments with their smartphones. The primary reason behind this mindset is that mobile security is not adequate to keep a person’s personal and financial data safe.
While the adoption of smartphones is enormous in the United States, mobile security is not as widespread.
According to the firm, “The data reveals that while the adoption of smartphones is widespread in the U.S. (close to 80 percent), and more than half say that security is a primary factor in choosing a new smartphone, current security measures are inadequate for consumers to fully realize mobile technology.”
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There were 2,000 American consumers that participated in the study. Among them, more than one in three said that they would never use PayPal over a mobile device. Moreover, approximately twenty percent of the participants did not feel as though their data would be kept safe if they shopped over their smartphones.
Moreover, the firm also explained that 63 percent of the survey participants were concerned about the mobile security level on their smartphone or tablet, and 84 percent of that group were afraid that they could experience data loss in the event that their device was ever lost or stolen, saying that their biggest worry was identity theft. The CEO of Intercede, Richard Paris, pointed out that there is a serious need for a “radical revamp” in security over smartphones, considering their penetration rate within the population.