by. Jeff Falk
A recent Credit Union National Association (CUNA) study has revealed the majority of U.S. consumers have made some sort of payment on a mobile device. The survey found ease of use of the technology to be a driving force behind mobile payment’s growing popularity, with 90 percent of individuals surveyed citing it as the most significant benefit.
Despite this payment option’s increased adoption, worries about the safety of making payments via a mobile device continue to remain high. In fact, security was the main concern for 77 percent of smartphone users questioned, regardless of whether they actually used their smartphones to make mobile payments.
Comparatively, the following factors presented much less of a concern for survey respondents: a device’s battery life (7 percent), confusing to use (6 percent), not enough rewards/bonus features (5 percent) and the inability to track a budget (4 percent).
“The fact that the overwhelming majority of smartphone users listed security as a top concern is a reminder to financial institutions (FIs) and others that offer mobile payments that users won’t sacrifice convenience for security,” said CUNA Executive Vice President Paul Gentile. He added, “While there have been many advances made with mobile security in recent years, respondents’ concerns over security indicate FIs and companies in the mobile space must continue to stress their focus on security with their customers.”
