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Consumers aren't sure if they should trust mobile payments just yet

Mobile payments are on the rise, but consumers are unsure what to make of mobile
By: Michael Hatamoto | Business, Financial & Legal News | Posted: May 6, 2015 8:30 am

The mobile payments ecosystem is on the rise in the United States, with Apple Pay helping bring much-needed attention to the surging industry. However, it looks like Americans are unsure what to make of mobile payment security, especially after several notable point-of-sale (PoS) data breaches.




Twenty-four percent of survey respondents believe mobile payments are more secure than debit and credit card payments, though 27 percent feel there are more issues, according to 451 Research. Consumers want to use mobile payments that are available to them, and with Apple Pay only available to iPhone owners, there is room for multiple companies to make an impact.


"The introduction of Apple Pay has catalyzed a wave of strategic moves across the mobile payments ecosystem," said Jordan McKee, senior mobile payments analyst at 451 Research.


"In the wake of Apple's entrance, Google and PayPal have made significant acquisitions, while players such as Facebook and Samsung are rolling out payment products to remain competitive. Moving forward, the pace of activity will only accelerate as vendors look to capitalize on the growing contactless payments infrastructure and secure a foothold in this rapidly evolving sector."


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