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What does Ofcom's latest report mean for digital wallet usage? Skrill comments PDF Print E-mail
Tuesday, 12 May 2015

Spiros Theodossiou, VP product management at Skrill, comments on Ofcom’s annual report on adults’ media use and attitudes, launched yesterday.

“Ofcom has revealed that while Brits are spending more time online, we have become more wary about online security compared with 12 months ago. After a spate of high-profile data thefts at consumer brands, 21% of people said they would never share their credit or debit card details online, up from 13% in 2013. This is primarily due to concerns about the security of mobile applications.
“Ofcom’s findings closely mirror research we have conducted which showed only 14% of people feel confident enough to store their card details in a mobile app. Almost a third of people (30%) who choose not to use these apps do so based on the fear that their personal details could be stolen. It’s clear that while consumers have become increasingly comfortable paying for goods online, they are still on a journey to utilising mobile purchasing as a regular channel for buying goods and services.
“The desire to make online payments without revealing personal financial details does exist. Our research shows more than half of UK consumers (54%) now pay via a digital wallet when online. The increasing popularity of digital wallets bodes well for a wider acceptance of in-app payments however the challenge for businesses is to clearly demonstrate the security and convenience these apps offer, and to guide users every step of the way.
"We see three large trends impacting the increase in usage of digital wallets. Security, mobile and cross-border trade. Consumers are becoming more aware of security issues especially as they start purchasing from smaller online vendors and from vendors in different countries. When a consumer is paying with their mobile phone, they don't want to have to type in credit card details and addresses. A digital wallet from a trusted  vendor like Skrill enables the user to pay quickly using their email address and password. The digital wallet also acts like a buffer between the consumer's funding instrument and the merchant thus helping to address security concerns."

(Source - Skrill Comment)

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