Indian customers feel mobile payment mode to be insecure: Study

Updated: Dec 30, 2016, 14:53 IST | mid-day online correspondent

Indian customers are still not confident about the safety and security of mobile payment mode. Here is why

Indian customers feel mobile payment mode to be insecure: Study
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Indian customers are still not confident about the safety and security of mobile payment mode. Because of their concern about the insecurity, they are not willing to make mobile payments as their first choice of financial transaction.

A study by Deloitte stated that 29% percent of customers feel the security is a major concern and with the recent rise in cyber fraud involving digital wallet use will not allow customers to use their mobile phones frequently for cashless transactions, despite demonetisation.

The survey even found out that a smartphone user’s most important financial transaction was checking the bank balance. It also stated that more than 50% customers use their smartphones to pay utility bills and 53% account for payment of other service bills. On the other hand, 38% customers used their smartphone for transferring money. Also, quite a number of customers have admitted that lack of benefits like credit card rewards give them less incentive to use mobile wallets. It thus becomes evident that once ‘cashback’ offers on mobile transactions fall down; customers might lower the use of this payment mode.

A research stated that online shopping sites in India are the most preferred stores for customers to purchase smartphones. It also stated that adoption of 4G network will grow strongly in India over next year. It is also expected to become the predominant data network with around 45% of the population planning to subscribe to 4G service.

Services like instant messaging, social network, and email witnessed the highest growth in usage frequency. Deloitte's Global Mobile Consumer Survey was conducted over 2000 Indian customers and the sample included high earning urban population aged from 18 years to 54 years. Majority of the respondents had 20 apps or less apps downloaded in their smartphones.

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