Fraud concerns and theft risks are inhibiting mobile payment adoption, but businesses underestimate the problem, according to a new global survey of consumers and executives from Plano, Texas-based NTT DATA.
The business and IT services provider's survey found nearly 75% of consumers felt guarantees against monetary fraud would encourage them to use mobile payments, but only 44% of businesses currently offer, or plan to offer, such guarantees. The study also revealed companies must do more to ease security concerns if mobile wallet adoption is to become widespread.
Those are among the results gleaned from the survey that investigated sentiments, expectations, and concerns about the future of money. The survey of 2,000 global consumers and 300 companies in developed and developing countries interested in using mobile money, was conducted in August and sponsored by NTT DATA, Ingenico, Oxford, and Charney.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
