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BizReport : Mobile Marketing : March 17, 2008

Security concerns hamper m-banking, m-commerce

Security and scam concerns are just a couple of the reasons that consumers aren’t embracing mobile banking and shopping, finds an Harris Interactive survey.

by Helen Leggatt

The popularity of m-banking and m-shopping may be on the rise, but it’s still limited to a few early adopters (16% of U.S. mobile phone subscribers). Over half (53%) of respondents to a survey by Harris Interactive had no interest in using their mobile phones for either.

Concerns for the security stopped many from embracing m-banking and m-commerce, particularly the perceived vulnerability of their personal data should they become a victim of a scam or have their device stolen.

"If security concerns can be quelled, the sky's the limit with consumer acceptance of mobile banking and purchase transactions,” said Joseph Porus, vice president, Harris Interactive, in a recent statement. “It's a very intriguing prospect for the near future, considering how people have already embraced a variety of mobile technologies beyond simple phone communications."

Speed, usability and reliability were also concerns that marred consumer acceptance.

Tags: m-banking, m-commerce, scam, security, wireless transactions

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