CCR Magazine

You are here  :Home arrow News arrow Security fears hold back use of mobile platforms in the UK
Contact Us Newsletter Signup RSS Feeds

Latest News Headlines

Headlines

 
Commercial Credit News

Headlines

 
Security fears hold back use of mobile platforms in the UK PDF Print E-mail
Friday, 24 April 2015

With the majority of shoppers (64%) now storing their debit or credit card details with online sites, many are still yet to make the leap to storing payment details within mobile apps.

According to a survey of 2,000 UK adults commissioned by digital payments experts Skrill, only14% of people are currently choosing to buy goods and services via apps linked to their credit or debit cards stored online. One of the main hurdles for in-app purchasing is that people remain concerned about security. Almost a third of people (30%) who do not use apps that store their card details worry that their personal details could be stolen.  This suggests that there is still some way to go before consumers have the confidence to pay in this way.

However, mobile phone and tablet users are expected to make 195 billion mobile transactions annually by 2019, up from 72 billion this year, according to a report from Juniper Research. For those that are using in-app purchasing, the biggest advantage is seen to be not having to re-enter card details for every purchase (26%). A further 22% of respondents said that the speed and convenience of in-app transactions were the most important benefits.

Spiros Theodossiou, VP product management, Skrill: “Over time, consumers have become comfortable paying for goods online, as Skrill has seen from facilitating online payments for over a decade now. However, they are still on a journey to accepting in-app purchasing as a regular channel for buying goods and services. Our research shows that people who have adopted the technology have really seen the benefits.

“With significant developments including major wearable technology announcements, public transport going contactless and some major players coming into mobile payments, the way we pay is changing. This could trigger wider acceptance of in-app payments, with more consumers taking advantage of the greater ease of use and speed when shopping, gaming and downloading music. For this to occur, businesses will need to demonstrate the ease of use these apps offer in order to reassure users that they offer a safe way to pay and guide them along this new payment trend as it grows in popularity.

“The onus is on businesses to not only support the highest levels of security and cryptology, but to also encourage their customers to follow best practice such as reading app reviews and installing all updates. These often include improved security settings, which will help to realise the huge benefits of in-app payments.”

(Source - Skrill Press Release)
 

 
Enghouse Side Banner

 Forums International Ltd

Forums International Ltd

 Attendance at your first meeting is free of charge, and please quote reference 'CCR2016' to receive the special 10% discount off of your first annual subscription.

Find out more here.

latest issue

CCR Cover

The latest edition of CCR Magazine, the leading editorial publication in the UK credit industry, is out.

Read the latest issue online

subscriptions

CCR is the premier magazine for consumer and credit professionals. It provides an independent voice to the industry, breaking major news stories and running in-depth features.

As a magazine, it works with and campaigns on behalf of the credit industry to promote its importance as a centre of potential profit and business development to the wider business world.

Subscribe to CCR Magazine

CCR World Magazine


 

Providing information and analysis for thousands of senior credit professionals worldwide, every quarter.

Find out more

GTS Media Ltd
81 Cambridge Road
Southend-on-Sea
Essex
SS1 1EP

Registered in England No: 05483197