Ninety-four percent of people in the U.S. are comfortable with wallet app security levels.
Consumers are placing a growing level of trust in mobile payment security and smartphone based shopping, particularly in the United States.
In fact, many consumers expressed greater confidence in their devices than the security of stores themselves.
Interestingly, while the United States has not seen rapid adoption rates for mobile wallets, it doesn’t seem to be a lack of trust presenting the greatest barrier. This goes against many of the main predictions about the use of these digital wallets. Several studies suggested that mobile payments security was the top reason consumers balked in the face of using their smartphones as a new form of payment transaction.
This most recent study would indicate that it isn’t mobile payment security acting as a top barrier after all.
This most recent research was conducted by ACI Worldwide. Six thousand consumers from 20 countries participated in the study. Nearly all respondents had a minimum of one form of payment card. The participants resided in the Americas, the EMEA and the Asia Pacific region. That said, that data would suggest that there would be an average of 300 participants per country, which hardly represents an adequate sample for identifying solid trends among each of these nations.
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Still, the findings are quite interesting as they would suggest a tremendous amount of confidence in mobile wallet security, particularly among American consumers. On average, among all the survey participants 80 percent said they were at least somewhat comfortable with the safety afforded to them through their mobile devices if used for transacting a payment.
Among American consumers, 94 percent feel that the information they store in mobile wallet apps is at least somewhat secure. Thirty percent of respondents from the United States reported feeling that their mobile banking apps will keep their data completely safe. This shows a significantly different level of trust among US consumers than the global average.
Only 6 percent of United States respondents felt that mobile payments security was not at all up to par for keeping their wallet data safe.