In fact, 451 Research released new data indicating the number of consumers likely to make mobile payments increased just two points in the past year from 22 percent to 24 percent. The report concludes security is the largest obstacle to more rapid adoption of mobile payment services. Forty-seven percent of survey respondents listed it as the primary reason they are unlikely to make mobile payments.
However, because mobile wallets offer the same (sometimes even enhanced) safeguards as physical payment cards, consumers’ security concerns largely remain a misconception. In fact, 451 Research found the perception of mobile wallet security is improving.
The percentage of consumers who feel mobile payments are more secure than credit cards increased by 57 percent from the previous year. Additionally, the number of consumers who feel mobile payments are less secure than credit cards decreased 54 percent in the same timeframe.
When it comes to the most important factors in a mobile payments app, 84 percent of consumers put security at the top of the list. Sixty-six percent named ease of use, while 64 percent cited widespread acceptance. Presumably, if a mobile payment offering fails to meet these three requirements, its mass-market potential likely will be limited.