Millennials Might Pay Via Mobile More, If Security Was More Dependable

Though nine percent of millennial respondents to a recent survey said they “conduct transactions via mobile a few times per year,” they’d likely to do so more often if their concerns were allayed. The big hesitation? Millennials worry about identity fraud and general security, according...

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millennialsThough nine percent of millennial respondents to a recent survey said they “conduct transactions via mobile a few times per year,” they’d likely to do so more often if their concerns were allayed.

The big hesitation? Millennials worry about identity fraud and general security, according to August, 2016 research by Mitek, a mobile capture and identity verification provider.

True, there is a substantial number of millennial smartphone users in the U.S., Canada, and UK who do regularly transact via mobile (every day, or several times per week). But the most worried of millennials do so perhaps once a month or just a few times per year.

Mitek’s report showed that “one in five said they used their mobile device to pay for things once or twice a month, and 9 percent said they only did so a few times a year. Just 10 percent said they never conducted transactions via mobile.” The percentage citing security concerns was much higher.

“Nearly half of millennial smartphone users in North America and the UK said their concerns about the security of their data were a barrier to conducting more transactions via mobile,” reported eMarketer. “And just as many respondents said they were worried about identity fraud.”

Of course, there are technical issues as well.

“About 20 percent of respondents felt that there were too many steps in the process, and overall, many mentioned that the mobile experience was not good enough to transact via. In fact, more than a quarter felt that the mobile user experience isn’t as good as the desktop experience, and 19 percent felt that the mobile user experience isn’t good as the in-person experience,” according to eMarketer.

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