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Following on from our previous mobile wallet post, consumer perceptions of bank-based mobile wallet security vary across the globe, though in general consumers have a high degree of confidence in the security of mobile wallets.
In most geographies surveyed in the Aite report, roughly 80% of consumers report being at least somewhat comfortable with mobile wallet security. In most cases, confidence in 2016 is similar to what it was in 2014, with the exceptions of Brazil, Mexico, and New Zealand, where it has increased statistically.
It is notable that in 2014 a generally very small number of respondents used mobile wallets; that
number increases in the 2016 survey, indicating greater adoption of mobile wallets among
consumers.
In the Americas, high levels of confidence remained stable or increased. At first glance, it
appears confidence decreased in the US Due to the very small population using mobile wallets
in 2014, this is not a statistically valid decrease. While there is variation across geographies,
overall confidence across the region remains above 80% (Figure 6).
In EMEA, overall confidence remains generally high, though it varies noticeably across different
countries and is often lower than in the Americas and the Asia-Pacific. There are noticeable, but
not statistically significant, increases in confidence across the region with the exception of the
Netherlands. Even there, the decrease in confidence is not statistically significant and is likely
more representative of a larger sample size (more than double) than a dramatic decrease in
overall consumer confidence.
Much like other regions, the EMEA experiences a complex interplay between mobile wallet
adoption and consumer confidence—as more consumers adopt mobile wallets, the wallets
become a bigger target for criminals. And more people will be exposed to fraud, driving down
confidence, which in turn could negatively impact adoption in the future (Figure 7 and Figure 8).
Consumer confidence with mobile wallets in the Asia-Pacific region shows more strong
differences between countries than in the Americas or EMEA, but around 80% of consumers
report they feel at least somewhat secure with mobile wallets. India is a standout, with over 90%
of consumers reporting they feel at least somewhat secure.
New Zealand was the only standout with strong confidence that doubled since 2014. This may
be due in part to “Mobile Device Rules & Standards,” published in 2014 by Payments NZ, which
oversees New Zealand’s payments infrastructure. These standards are meant to protect
consumers and businesses and may have an impact on consumer confidence (Figure 9).
The post The rise of the mobile channel – Mobile wallet security appeared first on Payments Cards & Mobile.
