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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 the 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.

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Tonya Knudesn

 

Credit Union Times

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