It’s no secret that the digital payments industry is growing. Along with it, the use of mobile wallets is rapidly growing as well. While this type of payment method is convenient for both consumers and merchants, much of the increased usage of digital wallets is due to improved security measures which has created higher levels of trust among users across the globe.
More than 80% of global consumers generally believe their mobile wallet data is secure, compared to only 43% that, overall, trust businesses to protect their data, according to new research from ACI Worldwide that was reported in a recent Electronic Transactions Association article.
Plainly speaking, what that means is that even though security is at the forefront in the minds of consumers around the world, not only are they continuing to use their mobile wallets to pay for goods, but they also trust these payment systems to keep their sensitive personal data safe.
The article also highlighted more of ACI Worldwide’s findings, noting that the top security concern among consumers is theft by computer hacking (32% in the U.S., 45% in Germany, 37% in Indonesia).
Speaking of security and resolving potential threats, globally, consumers are generally willing to interact with organizations to mitigate fraud, overwhelmingly preferring to engage with relevant organizations via mobile device. Additionally, 75% are very interested in receiving a call or SMS message to their mobile device to help mitigate fraud.
“This data is a further wakeup call to the broader payments industry, including merchants, banks and financial intermediaries, that we must proactively educate consumers about security measures that are in place—to allay consumer concerns, which will not only result in enhanced customer experiences, but also help to reduce fraud losses,” said Andreas Suma, Vice President and global lead, fraud and data, ACI Worldwide.
National Merchants Association is dedicated to helping merchants process payments of all types, including mobile wallets. For more information about the growing mobile payments trend or information about upgrading your payment terminal, please contact us today: (866) 509-7199.