Mobile payment security – additional information
Mobile payment, which refers to payment services via mobile devices, is a growing phenomenon all over the world. In 2014, mobile payments in the U.S. amounted to more than 51 billion U.S. dollars, with remote payments accounting for majority of the payment transactions. By 2019, this figure is expected to increase to more than 140 billion U.S. dollars. Proximity mobile payments in particular are considered one of the most successful types of mobile payments, as their transaction value is projected to reach 210 billion U.S. dollars by 2019.
Despite the popularity of mobile payment in the U.S. and market growth projections, there are still several security concerns about it. According a survey conducted by GfK, about 20 percent of American adults affirmed their main security concern in regards to mobile payment is the possibility of someone intercepting their payment information or other data, while about 13 percent feared their phones being hacked. Other common mobile payment security concerns amongst Americans are the possible misuse of information of companies, along with the possibility of losing their phone or having their phone stolen, and getting a malware or viruses.