Equifax: Mobile Payments Security Trumps Convenience in the UK

July 10, 2019         By: Steven Anderson

Even after all the advances we’ve seen in mobile payments security, we still see concerns about security. Sure, it’s understandable, but those of a pessimistic bent might wonder if mobile payments will ever be trusted. Equifax recently tipped us off about a study it conducted in the UK, where it revealed that payments security is still a major concern.

The study noted that safety and security was a leading concern cited by 66 percent of users who believed it the most important part of the online payments concept. By comparison, only 10 percent could cite speed or simplicity as a top concern.

What’s more, the concerns about security were universal. Security was the first concern for all age groups. The 18-24 year old category called security the top concern in 52 percent of cases, while 25-34 year olds called it top in 53 percent. Perhaps not surprisingly, the over-55 class called security top concern in 75 percent of cases.

In fact, for 45 percent of shoppers, concerns about security would keep them away from certain retailers. Creating an account, by comparison, was a deal-breaker for 14 percent. Confusing processes ran off eight percent, and an over-complicated checkout did it for six percent.

Equifax’s head of ID and fraud, Keith McGill, noted “With more than 20% of retail revenues coming from online sales, it’s positive to see so many consumers have security front of mind when they’re at the online checkout. The latest stats from Cifas do however show an increase in identity fraud so it’s important shoppers remain vigilant.”

Concerns about security will likely always be a part of the picture in mobile payments, and with good reason. People need to know that these systems will be safe; if they’re not, then there’s no real reason to use them over cash. Sure, you can have the best in rewards programs or convenience, but if there’s a one in 10 chance all the money in the checking account connected to that mobile payments system is stolen, who would use it?

It’s no surprise to see the Brits firmly locked into security above all, especially given the heavy use of mobile payments there. The advance of mobile payments makes it clear security will be a top concern for years to come.