Mobile payments are used by over half of American smartphone owners

Mobile payments platform

The CUNA has now released its latest survey data which has found that these device users are purchasing in droves.

According to the latest survey data that has been released by the Credit Union National Association (CUNA), among American smartphone owners, more than half have used their device for mobile payments purposes, whether it be buying a digital product online or tapping it at a checkout counter – or pretty much anything in between.

The survey also showed that security remains the uppermost concern of device users making purchases.

Though mobile payments – online and in person – are taking off among consumers, these individuals remain worried about the safety of their sensitive data while using their devices to buy products and services. In fact, the survey indicated that 77.7 percent – more than three in every four smartphone users – felt that security was their most serious concern when it came to using these gadgets for purchasing in any way.

Mobile payments growthThere were other concerns identified regarding mobile payments, within this survey.

Though considerably less than the worries over mobile payments security, the participants in the survey also stated that they had concerns regarding the battery life of the device (6.9 percent), that the technology is too confusing to use (6.4 percent), that there aren’t enough bonus features, such as rewards (5.1 percent) and that this type of transaction is not as easy for tracking a budget (4.0 percent).

According to Paul Gentile, the vice president of CUNA, “The fact that the overwhelming majority of smartphone users listed security as a top concern is a reminder to financial institutions and others that offer mobile payments that users won’t sacrifice convenience for security.”

Gentile went on to speak about mobile payments in saying that though there have been a number of security advancements over recent years, there continue to be worries in this area from the respondents to the surveys. This suggests that organizations in the space, such as financial institutions, will need to place a stronger focus on making sure that their customers understand the security efforts that have been made in order to keep their information safe.

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