Data breaches will reduce mobile payment popularity this year

Mobile payments are becoming more appealing, but security issues are going to make some consumers think twice

By: Michael Hatamoto | Mobile Devices, Tablets & Phones News | Posted: Jan 14, 2014 11:44 pm

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Analysts believe mobile payments in the United States will increase in 2014, but security incidents like the recent high-profile Target and Neiman Marcus data breaches will limit appeal. Moving forward, using layered security systems, improved authentication, and more vigilance from mobile users can help drive demand.

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Mobile payments have become more common place in Asia and Europe, but still have struggled to take off in the United States. Many companies have the ability to accept various forms of mobile payment, but consumers are still uncertain about the potential benefits of mobile wallets.

With services such as PayPal, Google Wallet, Amazon Payments - and services directly from credit card companies and banks - consumers certainly have a wide variety of different products they can choose from.

NEWS SOURCES:Themobilityhub.com