In the UK, only 50% of the population uses a smartphone. Compare this to a 77% market penetration in the United States. However, when comparing the value of mobile payments, that number is vastly different. Total US mobile payments are projected to reach about 8.71 billion this year. Yet the UK’s mobile payments reached almost $14.6 billion last year.
In a study conducted by TSYS, 72% of respondents said they made mobile payments using an app like Amazon, eBay, or Tesco. Mobile banking payments were made by 58% of users, yet 80% of respondents used their smartphones for online banking. In this case, it was mainly used for checking their balance and recent account transactions.
Strategic Marketing Director at TSYS Morgan Beard stated, “Security is the main issue and the leading inhibitor to a general adoption of mobile payments.” When asked “How influential would the following features be in attracting you to use mobile payments on your smartphone?” The number one reason was security and fraud protection, at 87%. The primary concern, among users, was the risk of losing their phone and information being stolen. Of that, 47% were concerned that they would be unable to make a payment if their phone was lost or stolen.
Security is also a big concern in the US. A year ago, Walker Sands conducted a similar survey in the United States, 57% cited security concerns were the main reason why people were hesitant to use a mobile payment service.
When it comes to mobile payment solutions, there are many options available for American consumers. However, Americans are still hesitant to use them, citing security as a top concern. IVR Technology Group is dedicated to protecting your customer’s data. That’s why our phone payment solution, PayIT, was built with data security in mind. In fact, we recently achieved PCI Level 1 Compliance. This is the highest level of security compliance that a service provider can receive.
Best of all, our service allows payments to be made via smartphone, basic cell phones, or even a landline. Our solution, PayIT, will make sure your customer’s payment is confidential, quick, and secure.
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