More Americans may be using mobile payments, but security remains a top concern across the board, new research finds.
A new study by the Credit Union National Association (CUNA) revealed that more than half of U.S. smartphone owners use their phone for at least some type of mobile payments; however, security remained the biggest concern for all U.S. smartphone users, regardless of whether they actually used their smartphones to make mobile payments.
More than three-quarters — 77.7 percent — of survey respondents cited security as their most serious concern regarding mobile payments. By comparison, the following factors presented much less of a concern for survey respondents: a device's battery life (6.9 percent), confusing to use (6.4 percent), not enough rewards/bonus features (5.1 percent) and the inability to track a budget (4.0 percent).
"The fact that the overwhelming majority of smartphone users listed security as a top concern is a reminder to financial institutions — and others that offer mobile payments — that users won't sacrifice convenience for security," CUNA Executive Vice President Paul Gentile said in a statement. "While there have been many advances made with mobile security in recent years, respondents' concerns over security indicate financial institutions and companies in the mobile space must continue to stress their focus on security with their customers."
On the other hand, the overwhelming majority (91.6 percent) of respondents who use mobile payments indicated that ease of use is the greatest benefit of using mobile payments, the survey revealed. In terms of dollar amounts, more than two-thirds of mobile-payment users spend more than $50 on a single transaction.
Surprisingly, the study also revealed that it's not millennials who are using mobile payments the most. Rather, 59.6 percent of respondents ages 30 to 44 said they use some form of mobile payments, while 57.9 percent of millennials (ages 18 to 29) said the same. Additionally, more women (54.5 percent) than men (47.6 percent) use mobile payments, the study revealed.
The survey polled 1,046 U.S. smartphone users with varying household income levels in U.S. Census Bureau-defined regions.
Originally published on BusinessNewsDaily.