For many British and American mobile payment skeptics, security is a main concern. In fact, over twenty percent of Americans who have access to mobile payment services site security concerns as one of their top reasons preventing them from being used extensively. Security is far less of a concern in countries such as Singapore and Thailand, having only around fifteen percent of individuals with concerns about security keeping them from using mobile payments more often.
Most mobile payment services such as LevelUp are far safer than traditional credit and debit cards. These services do not let anyone but the user see credit card numbers, personal information, or payment histories.
http://www.fastcompany.com/3001646/us-lagging-mobile-commerce-far-east-lead
I personally have recently started buying things through my mobile. I am very skeptical but for some reason it is not stopping me. I guess the convenience is weighed more heavily for me. I hope to see improvements in the near future however.
ReplyDeleteLaura Mayhew
I use a lot of mobile apps to manage and monitor my finances, such as Paypal, Mint, and my bank's mobile apps. Like Laura, I am wary of the potential for my sensitive information to be wrongfully obtained, however the convenience is hard to pass up. Accessibility is a funny thing, because in order for my financial information to be available at the touch of a button, that means that is is also available for anyone with the know-how to access it. I know cyber and data security have come a long way, but I have my lingering doubts.
ReplyDeleteI have recently switched from paying some of my bills through the mail to online or as you said, through the app. I like the convenience and also that if I pay one bill on my phone; I usually go ahead and pay the rest while I remember. It is easy to forget about mail that is why I prefer the apps. Security risk in my mind is extremely high; if someone gets a hold of your password then there goes your financial information. I still hold of paying some bills or showing my bank account through my phone. I will wait till security has increased for me to fully commit to the mobile convenience. Rather be safe than have my identity stolen.
ReplyDeleteHector Hernandez
I often use mobile applications to pay bills and monitor my finances. Security is an obvious concern for anyone using these applications; however it does not stop me from using them. Every so often there are stories in the news about new identity theft methods and realizations of how vulnerable personal information is. Overall I think that security threats will always exist. New counter-measures will be developed to reduce theft of personal information but as we all know, those measures will only last so long until they are deemed obsolete. I believe that businesses will continue to offer mobile platforms and with growing popularity, concerns will subside after people become accustom to their usage.
ReplyDeleteKyle White
I have used and will continue to buy most goods online. The security that many websites use now and software that you can use helps to make online payments safer and more secure. I also am glad to know that banks are stepping up in precautions with online payment. I recently attempted to purchase accessories that were coming form Australia. My bank immediately notified and called me to make sure that I was not suffering form identity theft and although everything was fine I was glad to know that my bank was also looking into my security.
ReplyDeletePersonally, I pay bills and buy things online quite frequently. I don't perceive the risks of doing so are any greater than those of paying for something by physically handing a card to someone. Digital transactions that are done with reputable sites are conducted over secure networks. Access to the information contained in these transactions require authorization and those that have this authorization are continuously monitored. Plus, now a days with most banks and credit card companies a person is not held liable for unauthorized transactions. So if someone does steal your information and later uses it to purchase something you don't have to pay for it. The charge will be taken off your bill and you will be issued a new card. In the end I will definitely continue conducting business online. Not only are the risk low but there is a huge convenience.
ReplyDeleteAlthough the risk is high, I have continued to make payments online. I was actually a victim once after a seller on ebay had taken my cash and failed to deliver my product. There were multiple methods which enabled me to get my money back though. For instance, my bank was willing to credit my account back for the purchase and ebay was willing to refund me for the total amount. I also have heard that now paypal will actually hold the payment until the item is successfully shipped (not 100% sure on that however). These methods have made me feel more secure paying online.
ReplyDeleteI, too, make payments online. In fact, I used to pay all our bills via a mailed check, but now make every single bill payment online. I also currently have 3 bills that are payed using a direct withdrawal method where I don't have to mess with it, the company just deducts the payment amount automatically each month from my checking account vian an electronic account debit. It all used to be so sketchy to me until I realized that people can steal mail the same way they can still your electronic data. My bank is pretty good about catching fraud, too, and has even put a freeze on my account in the past when irregular activity occurred on my account. So, like everyone else, I do worry about the security of it all, but at the same time the accessibility, now, outweighs the concerns.
ReplyDeleteWe can all attest to the high amount of criticism regarding mobile payments.Cultural aspects could also play a role in the differences. Security has also improved in recent years, which improves consumer confidence.What could be some other possible remedies for the common skepticism?
ReplyDeleteI think the "common skepticism" mentioned really does have a link to culture. In the US and perhaps other similar Western cultures, we have a tendency towards individualism. In many Eastern cultures, community and collectivist natures are more prevalent. Many UNCC students have had management, so my reference should be recognized, as Hofstede describes the collectivist view of offense (cyber crime, security)and how it results in - "shame and loss of face, employer/employee relationships are perceived in moral terms". So perhaps that is the distinguishing factor, we don't get to see who is on the other end of m-commerce and it creates a distrust rooted in our individualistic society.
ReplyDelete-Mary Alice