PayThink Mobile pay apps still raise security fears

Among their many other functions, mobile devices now help us buy our morning coffee more quickly or pay back a friend with less hassle.

According to Visa’s 2016 Digital Payments Study, global consumer adoption of mobile payments has tripled in the past year. And research from Capgemini projects a 10% growth rate in the volume of transactions from apps that enable digital payments.

But while digital payments have become a faster, easier and more-convenient payment method for consumers, my company’s recent research found that people were very concerned about their security. Almost 9 out of 10 of those we surveyed said they would discontinue using a digital payment provider if they are victim to cybercriminal activities because of a data breach at the provider.