More than half of consumers with smartphones use the devices to make mobile payments, according to a new CUNA survey. But security remains a chief concern.
In fact, 77.7% of respondents listed security as their most serious concern, CUNA’s Mobile Payments Survey reports. Other concerns were much less significant, including battery life of phone (6.9%), confusing to use (6.4%), not enough rewards/bonus features (5.1%), and inability to track a budget (4%).
“While there have been many advances made with mobile security in recent years, respondents’ concerns over security indicate financial institutions and companies in the mobile space must continue to stress their focus on security with their customers,” says Paul Gentile, CUNA’s executive vice president of strategic communications and engagement.
Among those who use mobile payments, 91.6% indicate that ease of use is the greatest benefit. When broken down by age groups, the greatest use of mobile payments came from respondents ages 30 to 44 (59.6%), followed by 18 to 29 (57.9%), 45 to 60 (47.8%), and 61+ (24.1%).
Other report findings:
Contact Ben Fishel, CUNA's public relations manager, for a PDF version of the survey data.