Security fears hold back use of mobile platforms in the UK

Security fears hold back use of mobile platforms in the UK
23.04.2015 01:00 am

Security fears hold back use of mobile platforms in the UK

Online Banking

 With the majority of shoppers (64%) now storing their debit or credit card details with online sites, many are still yet to make the leap to storing payment details within mobile apps.

According to a survey of 2,000 UK adults commissioned by digital payments experts Skrill, only 14% of people are currently choosing to buy goods and services via apps linked to their credit or debit cards stored online. One of the main hurdles for in-app purchasing is that people remain concerned about security. Almost a third of people (30%) who do not use apps that store their card details worry that their personal details could be stolen.  This suggests that there is still some way to go before consumers have the confidence to pay in this way.

However, mobile phone and tablet users are expected to make 195 billion mobile transactions annually by 2019, up from 72 billion this year, according to a report from Juniper Research. For those that are using in-app purchasing, the biggest advantage is seen to be not having to re-enter card details for every purchase (26%). A further 22% of respondents said that the speed and convenience of in-app transactions were the most important benefits.

Spiros Theodossiou, VP product management, Skrill: “Over time, consumers have become comfortable paying for goods online, as Skrill has seen from facilitating online payments for over a decade now. However, they are still on a journey to accepting in-app purchasing as a regular channel for buying goods and services. Our research shows that people who have adopted the technology have really seen the benefits.

“With significant developments including major wearable technology announcements, public transport going contactless and some major players coming into mobile payments, the way we pay is changing. This could trigger wider acceptance of in-app payments, with more consumers taking advantage of the greater ease of use and speed when shopping, gaming and downloading music. For this to occur, businesses will need to demonstrate the ease of use these apps offer in order to reassure users that they offer a safe way to pay and guide them along this new payment trend as it grows in popularity.

“The onus is on businesses to not only support the highest levels of security and cryptology, but to also encourage their customers to follow best practice such as reading app reviews and installing all updates. These often include improved security settings, which will help to realise the huge benefits of in-app payments.”

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