Security of mobile payments and digital wallets

The use of a mobile to effect payment for goods and services represents a paradigm shift towards digital only payments and has been driven by consumers who wish to make purchases at retail stores or to transfer funds using their mobile "digital wallet". For most consumers the ability to pay by mobile offers greater convenience than carrying a traditional wallet with multiple credit and debit cards. However, using a mobile wallet is not without risks. According to a 2015 survey among mobile payment users in the US "20 % affirmed their main security concern with regards to mobile payment is the possibility of someone intercepting their payment information or other data, while about 13 % feared their phones being hacked." Furthermore, another survey of more than 900 security experts concluded that only 23% of them believe that mobile payments are currently sufficiently robust at keeping personal information safe, nearly half of respondents (47%) felt that mobile payment applications offer no security and 30% of respondents were unsure. Therefore, despite this push towards mobile payments, security concerns still remain of paramount importance and one could say that consumer discomfort with the current state of play has inhibited mass adoption.