Media and Services UX

Mobile Wallet is Highly Desired but Security Concerns Exist

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Report Summary:

In interviews with 42 US and UK mobile phone users, Strategy Analytics found that almost all showed an interest in using their mobile phones to replace their current wallet, including debit and credit cards for retail transactions. However, participants expressed strong concerns over security in the event their phone is lost or stolen. As Strategy Analytics estimates globally contactless payments via mobile phone to generate $34 billion in transactions by 2015, it is important for mobile wallet providers to focus on making the consumer feel safe and secure, and also aim to partner with as many large retail chains, device manufacturers, and credit issuers as possible to ensure the smoothest rollout and achieve high early-adopter rates.

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