MyPINpad: UK Consumers Trust PIN as Authentication Method for Mobile Payments

Ninety percent of frequent online shoppers in the UK will use PIN to authorize payment via mobile, says a recent consumer report released by myPINpad.

The study, “PIN: From Brick to Click” examined consumer confidence in PIN as an authentication method for mobile commerce transactions.

The survey also found that 69 percent of consumers feel safe about their transactions in stores thanks to PIN.

Eighty-five percent of survey participants would like to receive mobile notifications about any high value transaction and be able to authorize it with their PIN, it found.

Results of the study indicate that consumers are ready to combine their trust of card PIN with the convenience of their mobile device, myPINpad said.

The company also examined the benefits of wider PIN deployment in the banking industry.

While the market for mobile payment is growing owing to the speed and convenience that it offers, security remains a major concern both for the consumer and industry.

Phil King, CEO of myPINpad, said, “Banks’ ability to invest in innovation is in many cases inhibited by the need to maintain legacy systems, and by the overhead of regulatory compliance. But, for over 30 years, PIN had been used at ATMs and consumers are familiar with entering a four digit code to access their bank account. Its introduction in the UK reduced face-to-face fraud by 69%[2]. We are now firmly embedded in the age of digital commerce. Having taken the PIN from ATM to the store, consumers are now ready to take the PIN into the digital age.”