Consumers Wary of Mobile Payment Security

After Apple introduced its very own mobile payment service named "Apple Pay" this week, many commentators are predicting a breakthrough for smartphone payments. However, there are more reasons for consumers not to use existing mobile payment services than the fact that Apple wasn't involved in the market thus far. First and foremost, consumers worry about the security of smartphone payments.

According to a survey conducted by Thrive Analytics in June 2014, 46% of those consumers who haven't used their smartphones to pay for stuff cited security concerns as one of the reasons for not doing so. Many others simply don't see the benefit of mobile payments or have never thought about it at all. It will be interesting to observe whether Apple and its wide range of partners can wipe away the security doubts and convince consumers of the benefits of smartphone payments.