This holiday season will see significantly more mPayment purchases, according to a new report from INSIDE Secure Research.
The digital security solutions firm has conducted a survey of 1,217 American consumers, and found that of those respondents who had not made mobile purchases last year, 17 percent said they were planning to do so for their holiday shopping this year. That includes orders placed through consumers’ smartphones; when looking specifically at in-store mPayments, the researchers found that 39 percent of respondents expected to perform such transactions, against 33 percent last year.
INSIDE Secure Research also found that 64 percent of anticipated mPayment shoppers fell in the 18-44 age range, while only 36 percent of consumers over that age planned to make mPayments. Moreover, 26 percent of Android users planned to make mobile payments, versus 45 percent of iOS users. While those users are likely planning to go with Apple Pay, Samsung Pay, or Android Pay, 51 percent of respondents said they would rather use an app from their own banks than one of the major independent mPayment platforms.
Looking at barriers to growth, the researchers found that 70 percent of those who didn’t plan to make mPayment purchases cited concerns about identity theft and fraud, while 71 percent expressed concern about privacy. While those remain legitimate concerns, technologies like biometric authentication, tokenization, and encryption are making mobile payments more secure, and the trends here indicate that mPayments are on the rise.
(Originally posted on Mobile ID World)