The acceptance of mobile wallet payment systems by the consumer and by the merchant has been disappointingly slow. What do they want?
With news of cyberattacks and wide spread hacking, consumers are worried that their payment credentials contained in today’s available mobile wallet systems, are much too vulnerable to attack. Security is a major concern and a formidable barrier to wide acceptance of mobile wallet payment systems. In a study by Chadwick Martin Bailey, more than 70% of consumers who responded that they had no plans to use a mobile wallet, cited security as their number one reason.
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