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U.S. consumers least concerned about online, mobile payment security
In a global survey by digital payment platform PayPal, Americans were found to feel the most secure about sharing financial data online and that businesses who do not take such payments in a world where cash-carrying consumers are a dying breed are missing out.
Concerns over personal data security continue to put many off using mobile and online payments, found PayPal in a survey of more than 15,000 adult consumers across 15 countries.
Across the globe the average percentage of adults that worry about sharing data online is 59% while in the U.S. it is just 29%.
This shows "how accustomed Americans have grown to the layers of security and the buyer protection companies like PayPal and others have built into the e-commerce experience, and how comfortable they feel as a result", says Anuj Nayar, senior director of global initiatives at PayPal.
The overriding fear globally is that payment details will be stolen with 57% of survey respondents citing this concern although, once again, this fear was relatively low in the U.S. at just 46%.
Other concerns include:
- 38% cited having to register on a website they do not plan to visit again;
- 38% cited the annoyance of discovering added taxes or hidden charges at final checkout;
- 30% do not like having to enter card details for each transaction;
- 29% are annoyed by web pages timing out before finalizing a transaction;
- 26% do not like having to remember PINs and passwords.
Nevertheless, people do want faster and more convenient ways to pay and for many that is using their ever-present smartphone. While PayPal found that keys lead the list of things people won't leave the house without, the smartphone is just as important and beats cash and credit cards globally.
Furthermore, with many now venturing out without hard cash small businesses, local stores, farmers markets, waiters, waitresses and even charities are losing out I f they do not take mobile or online payments.
According to PayPal their survey "confirms for businesses that figuring out mobile payments is key to future sales. In fact, in some of the world's fastest-growing economies, the majority of the population has already embraced mobile payments. In China, 90% of respondents pay from their phone, followed by Russia (85%), Brazil (nearly 70%) and Turkey (60%). Even in China, however, where mobile is mainstream, 35% of respondents wish paying by phone were easier. The world is ripe for continued innovation."
Image via Shutterstock
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