The majority of shoppers haven’t yet formed the trust needed for regular mainstream m-pay use.
Most consumers still have not reached the point that they have enough mobile payments confidence that they would be willing to use this type of transaction, particularly on a regular basis.
Despite the convenience m-pay services have to offer, consumers don’t feel their information is safe.
Shoppers acknowledge that m-pay methods are convenient, will save them time, and that innovation is important. That said, the mobile payments confidence simply isn’t there to make consumers to feel these benefits are worthwhile enough to use it. Consumers still need to feel that their information is secure when they use it to complete a transaction, said a recent American Banker report.
When it comes to smartphone based service adopters, the world typically turns their focus on millennials to take part in the earliest wave. That said, the report pointed out that even among that generation, only about half feel that their official banking app is secure. Looking to other generations, less than half of baby boomers feel they can securely use their mobile banking app. Most people are simply not confident that their private and sensitive data will remain safe if using financial service platforms through smartphones.
Important steps toward security will be necessary to substantially boost mobile payments confidence.
The report pointed to considerable security improvements in order to make people willing to use m-pay services as a part of their everyday lives. At the moment, there are still too many headlines about massive data breaches and hacks by cybercriminals. These include hacks to cities, airports, and even federal governments as well as huge corporations. If those areas remain vulnerable, consumers don’t feel safe in trusting their smartphones to keep things secure.
According to the report, there are certain key areas in which customer data security can be improved in apps in order to help boost their confidence. The core recommendations to boost mobile payments confidence included the 
implementation of a strong monthly statement document interface to decrease the risk of intercepted emails. It also pushed for customized security alerts, multifactor authentication, end-to-end encryption, and device registration.
