Security Concerns Still Hold Back Mobile Payments, PSCU Survey Finds

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Consumers still have fears about the safety of mobile payments, according to new findings from credit-union service organization PSCU.

PSCU’s Eye on Payments survey released Thursday comes at least a decade after payments companies and researchers first determined that security concerns were holding back adoption of online and at the time nascent mobile-payment services. It looks they still have work to do in convincing consumers. The PSCU survey of 1,000 credit-union members and 500 bank customers spread across the U.S. found that 75% of respondents make payment decisions primarily based on which is the most secure.

While one-third of respondents said they use digital-payment methods, some 38% of respondents to the September online survey “cited concerns about security as a reason for not using mobile payments,” PSCU’s report says. What’s more, 13% of the credit-union members reported they had been a victim of card fraud in the past year, and 4% of members said their identities had been stolen.

“With improved fraud-detection tools now available in the market and appropriate levels of consumer education on how these tools work, financial institutions can help mitigate skepticism consumers face when it comes to digital payments and maximize opportunities related to mobile wallets,” the report says.

MaritzCX, a Lehi, Utah-based customer-engagement and research firm, conducted the survey. St. Petersburg, Fla.-based PSCU has 900 owner credit-unions.


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