There’s almost no difference between the number of consumers using mobile wallets and those using traditional forms of payment, according to the new Experian Global Insights Report.
The April report, which surveyed 6,000 consumers and 2,000 businesses across 20 countries, found that 62% of respondents use mobile wallets, 63% use traditional forms of payment, and 64% have used direct debit payments.
Furthermore, Experian found consumers are engaging with digital payments as much as email, concluding there’s been a rise in digitally savvy consumers and that digital online spending will continue to gain strength.
Moreover, 53% of consumers surveyed said they have increased their spending and transactions on digital channels in the past three months, with 50% saying their number of digital transactions will increase over the next three months.
For the 25- to 39-year-old age group, 63% say their online spending and transactions increased in the past three months and 59% expect it to increase in the next three months.
As online transactions continue to gain in popularity, security remains a concern, with 52% of respondents saying they are concerned about the security of their online transactions.
Identity theft was the top online security concern globally, followed by email, phone, and phishing scams; stolen credit card information; online privacy; and fake news/false advertising.
Identity theft and stolen credit card information far outpace other worries in the U.S.
Eighty-four percent of respondents said they’re confident that the businesses they transact with online will address their security concerns, with 73% of consumers putting the onus on companies to protect them online and 57% being willing to share data if it ensures greater security.
However, 90% want complete or some control over how companies use their personal data.
“Many consumers are more concerned now about the security of their online transactions and activities than they were a year ago, with regional differences in the nature of their primary concerns,” says David Bernard, Experian’s executive vice president of strategy and operations for Global Decision Analytics. “The past two years have given way to digitally savvy consumers who have a growing awareness and understanding of advanced, frictionless security methods. Consumers seek to make their work and lives easier and safer.”