Security concerns prevent 75% of consumers from using mobile payment

Consumers' concerns about fraud and theft risks are inhibiting widespread adoption of mobile wallets, though many businesses underestimate the problem, according to research conducted by Oxford Economics and Charney.

In August, NTT DATA, Ingenico, Oxford Economics and Charney surveyed 2,000 consumers and 300 companies across the world to investigate sentiments, expectations and concerns about the future of money.

Below are four survey findings.

1. About 60 percent of consumers agreed mobile money would enhance their purchase experience.

2. More than half of consumers said mobile wallets are less secure than cash.

3. Nearly 75 percent of consumers said guarantees against monetary fraud encourage them to use mobile payment options, but only 44 percent of businesses currently offer such guarantees.

4. About one-fourth of consumer respondents said online and mobile transactions were the safest payment method.

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