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Mobile payments are becoming more sophisticated as technology continues to evolve, but even with this maturation, adoption is still minimal due to several barriers. Security is one of these, and a top concern even among those working in tech.
According to an August 2015 study by ISACA, an independent and nonprofit global association of IT governance professionals, credit cards are the preferred method of payment for personal purchases among members. In fact, more than half of respondents chose credit cards as their favored payment method over cash, checks, debit cards and mobile payments.
Cash, however, was the most secure payment method: 89% of respondents described it as secure, putting it more than 40 percentage points ahead of credit cards, in second place. Mobile payments, meanwhile, were the least secure. Nearly half of respondents considered them insecure, and another 30% of business and IT professionals were not sure how safe they were.
The security vulnerabilities typically associated with mobile payments are likely holding back adoption. Nearly nine in 10 respondents (87%) expected to see an increase in mobile payment data breaches over the next 12 months, and almost half indicated lost or stolen devices and the use of public Wi-Fi as a significant security risk when it comes to mobile payments.
Security doesn’t completely dictate usage, however: While almost half of respondents felt that their credit card transactions were protected, 41% did not. They were still the most popular form of payment.
Security has long been one of the top issues associated with mobile payments. In June 2015 research from Mobile Ecosystem Forum (MEF) and Wirecard, conducted by On Device Research, 11% of mobile media users worldwide in Q3 2013 and Q3 2014 said they did not trust the security of mobile payments and indicated it as a barrier to making payments via their mobile phone.
Similarly, a December 2014 study by Walker Sands found that more than half of US internet users surveyed said that security concerns was one of the reasons that they were hesitant to use Apple Pay or other mobile payment services.
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