Fraud concerns and theft risks are inhibiting mobile payment adoption, but businesses underestimate the problem, according to a new global survey of consumers and executives from the Plano, Texas-based NTT DATA.
The business and IT services provider's survey found nearly 75% of consumers felt guarantees against monetary fraud would encourage them to use mobile payments, but only 44% of businesses currently offer, or plan to offer, such guarantees. The study also revealed companies must do more to ease security concerns if mobile wallet adoption is to become widespread.
Those are among the results gleaned from the survey that investigated sentiments, expectations, and concerns about the future of money. The survey of 2,000 global consumers and 300 companies in developed and developing countries interested in using mobile money was conducted in August and sponsored by NTT DATA, Ingenico, Oxford and Charney.
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Security concerns undermine mobile payments. More than half of consumers believed mobile wallets are less secure than cash, nearly 60% of executives said mobile money will build their business because it's safe, and only 25% of consumers said online and mobile transactions are the safest form of transaction.
Consumers around the world understand the benefits of mobile money. Sixty percent of consumers agreed mobile money enhances their purchase experience, and 50% said mobile money drives loyalty to their financial institution or online merchant.
Companies need to enhance security authentication. The consumer appetite for sophisticated biometric features like facial and iris recognition is strong. However, most businesses continue to rely on traditional passwords and finger scans. Fewer than a third of companies globally currently use, or plan to use, biometrics like face, voice and iris recognition to secure mobile devices.
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